Continental Realty Group purchases 107-unit Copper Point Apartments for $24.6 million

Continental Realty Group has recently acquired the 107-unit Copper Point Apartments complex in Mesa, Arizona, for a total of $24,650,000. This acquisition marks the fifth investment that Continental Realty Group’s subsidiary, Continental Realty Assets, Ltd. (CRA), has made in the Phoenix market since 2016.

Constructed in 1986, Copper Point offers a variety of one- and two-bedroom layouts across five unique floor plans. The property includes amenities such as a clubhouse/leasing center and a swimming pool. As part of their ownership strategy, CRA plans to make moderate upgrades to the unit interiors, as well as enhancements to the exterior and common areas of the complex.

Situated in the heart of Mesa, Copper Point provides residents with convenient access to the employment centers and shopping districts of the Phoenix Metropolitan Statistical Area (MSA). Robert Ireland, CRA’s Chief Investment Officer, expressed excitement about the addition of Copper Point to their portfolio, emphasizing that the investment aligns with their Vital Collection strategy, which focuses on offering quality housing at an affordable price.

According to Adam Holt, CRA’s Director of Acquisitions, Phoenix’s rental market presents a promising opportunity for growth. He highlighted the city’s rapid population expansion and economic development as key factors driving the demand for multifamily properties. As a result, CRA expects to see improvements in multifamily fundamentals in the coming years, especially as new developments slow down.

Continental Realty Assets, Ltd. (CRA), a subsidiary of Continental Realty Group, is a real estate investment firm that specializes in creating value in the multifamily real estate sector. Through strategic acquisitions like Copper Point Apartments in Mesa, Arizona, CRA aims to provide quality housing options to residents while delivering strong returns to investors.

In conclusion, Continental Realty Group’s recent acquisition of the Copper Point Apartments complex underscores their commitment to expanding their presence in the Phoenix market and providing value-driven investment opportunities in the multifamily real estate sector. With a focus on enhancing the living experience for residents and maximizing investor returns, CRA’s strategic approach aligns with the evolving dynamics of the Phoenix rental market, positioning them for success in the years to come.