Quail Creek sells in Arizona

Asset needs some TLC

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Sperry Van Ness negotiated the sale of Quail Creek, a 269-unit apartment community in Mesa, Ariz., for approximately $15.5 million. California-based Portico Properties purchased the asset, which is located at 1651 S. Dobson Road, from Vancouver, Wash.-based Holt Homes. Holt had purchased the property approximately two years ago, and it is in need of rehabilitation, according to a press statement. Originally built in 1979, the community is situated on eight acres and was 90 percent occupied at the time of sale. The community includes two swimming pools, a spa, tennis and basketball courts, a clubhouse/recreation center and laundry facilities. Sperry Van Ness is a commercial real estate investment brokerage firms operating in 36 states. ...