MESA, Ariz., May 05, 2022 (GLOBE NEWSWIRE) -- Torrance, Calif.-based Storm Properties Inc. has acquired Mesa Villa Apartments, a Class B, 59-unit garden-style apartment community located in the booming Central Mesa submarket of Phoenix. Storm Properties will be implementing a complete property rebrand to The Landry on 56th, adding to its growing collection of The Landry Apartments. Other improvements will include signage, exterior paint, updated unit makeovers, and leasing office renovations, as well as an improved pool and amenities.
“We are excited to add Mesa Villa Apartments to our expanding portfolio. We remain bullish on the Phoenix market due to its sustained economic and job growth,” said Jay Ahluwalia, Storm Properties’ president. “Storm is actively seeking to expand our presence throughout the Valley and will look to acquire several additional multi-family communities in the Metro area in the next several years.”
The complex is comprised of one- and two- bedroom floorplans ranging in size from 520 to 850 square feet. Community amenities include a swimming pool, spacious clubhouse, picnic and courtyard BBQ area, and covered parking. The complex is served by the highly acclaimed Mesa Unified School District and is located near several major freeways including Loop 202 and US-60, offering residents convenient access to various jobs hubs across Downtown and Central Phoenix, Scottsdale, and Tempe.
“We would like to thank Doug Fielding and his team at Marcus & Millichap for representing both buyer and seller in this transaction,” said Alan Kwan, senior director of acquisitions at Storm Properties.
Storm Properties has extensive experience in acquiring, entitling and developing single family and multi-family projects. It is also an active acquirer, developer, owner and manager of multifamily, industrial and commercial property, with a primary focus in Southern California and Phoenix. A full-service real estate firm, Storm has successfully developed over 1.3 million square-feet of industrial and commercial buildings, and 57 in-fill residential communities.
Storm Properties is a subsidiary of Torrance-based Storm Industries Inc., an innovative and entrepreneurial organization with a growing family of companies. Over its 83-year history, Storm has evolved from a single brass foundry in Los Angeles to a highly diversified group of businesses operating across the globe.
For more information, contact Alan Kwan, senior director of acquisitions, at (310) 986-2432, or via email at AKwan@storm-properties.com.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c8b6f6a9-3bb9-4346-916e-1ada130f1a6c
Contact:
Ann Romano
(949) 310-5876
annromano@cox.net
