Continental Realty Group of Denver Expands Presence with $24.6 Million Acquisition of 107-Unit Apartment Community
The fifth acquisition for CRA in the Phoenix market since 2016
PHOENIX, AZ -- Continental Realty Group, through its subsidiary Continental Realty Assets, Ltd. (CRA), has successfully acquired the 107-unit Copper Point Apartments located in Mesa, Arizona, for a total of $24,650,000. This transaction marks CRA's fifth property acquisition in the Phoenix area since 2016.
Originally constructed in 1986, Copper Point offers both one- and two-bedroom apartments across five diverse floor plans. The property boasts various amenities, including a clubhouse and a swimming pool. CRA plans to enhance the living spaces by undertaking selective interior upgrades, along with exterior and common area improvements throughout its ownership.
Copper Point enjoys a prime location in Mesa, providing residents with easy access to key employment centers and retail destinations throughout the greater Phoenix metropolitan area.
“We are excited to welcome Copper Point into our growing portfolio,” stated Robert Ireland, CRA’s Chief Investment Officer. “This acquisition reflects our Vital Collection investment strategy, which aims to deliver quality housing without sacrificing affordability. We are eager to implement our business plan and create an outstanding community for both current and future residents at Copper Point.”
CRA recognizes significant potential in the Phoenix rental market. Adam Holt, CRA’s Director of Acquisitions, expressed enthusiasm, saying, “We are delighted to further our investment in Phoenix. The area’s rapid population growth and economic development have contributed to unprecedented demand for multifamily housing. We anticipate continued improvements in market fundamentals as new construction slows, and we are excited about what lies ahead for the Phoenix market.”
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