NJ Multifamily Owner Enters Market with $10.2-Mil Buy

MESA, AZ-A Cranford, NJ-based real estate investment company has made its first purchase in the Valley with the $10.2 million acquisition of a Mesa apartment complex.

The Falkin Platnick Realty Group Inc., operating as the F.P. Mesa Pines LP, has grabbed the title to the Pines Apartments, a 194-unit complex at 1050 W. Eighth Ave. and laying the groundwork for upgrades of at least $250,000. The purchase price equates to more than $52,570 per unit.

Units at the 15-year-old Pines are two-bedroom, 960-sf models. Nearby amenities include the 1.2 million-sf Fiesta Mall and Mesa Community College, the largest community college in the Valley. The complex is north of Southern Avenue and Alma School Road, about a mile north of the Superstition Freeway, the main thoroughfare through the East Valley, and about two miles east of the Price Freeway section of Loop 101.

Placement of first mortgage proceeds of $8,200,000 was provided by EF&A Funding of Seattle, Washington under the Fannie Mae Convertible Adjustable Rate mortgage program. The starting interest rate was 5.35%. Falkin Platnick Realty Group also has several apartment complexes in Denver, Dallas and San Antonio metropolitan areas.