Light display tours / P. 26
A mission accomplished / P. 12
An edition of the East Valley Tribune
This Week
BY PAUL MARYNIAK Tribune Executive Editor
NEWS......................... 4 Motorcycle crash sends Mesa man's life into tailspin.
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The Soap Gal, has become a manufacturing force in Mesa..
Mountain View football's future brightens.
SPORTS ............... 23 COMMUNITY ............................... 12 BUSINESS ..................................... 16 OPINION .. ..................................... 20 SPORTS ........................................ 23 GET OUT ...................................... 26 CLASSIFIED ................................. 32 Zone
Sunday, December 12, 2021
3 mega deals here highlight rent trend
INSIDE
BUSINESS ............
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hree Mesa apartment complexes sold for a total of more than $354.5 million in a series of deals over two days last month as the investor feeding frenzy intensifies in the region’s multifamily market. While the activity of large investment groups in the single-family housing market has been widely publicized as a major driver of the double-digit increases in Valley home prices, their interest in multifamily complexes also has risen sharply – especially in Maricopa County, where thousands of out-of-state resi-
dents are coming to live. “There’s more money than ever betting that apartment rents are heading to new heights,” Bloomburg.com reported, citing a Real Capital Analytics report that investors spent $53 billion on multifamily real estate nationally in just the second quarter of 2021 alone. In Mesa, three big multifamily complex transactions occurred between Nov. 29-30 and involved one of the West’s major real estate investment companies, Los Angelesbased Tides Equities. “We specialize in well-located, Class-B and Core Plus multifamily real estate with high value-add upside,” the company boasts on
its website, promising to bring “institutional grade acquisitions acumen and operational efficiency across all realms of multifamily real estate.” Tides Equities demonstrated that acumen Nov. 29 when it sold a property it bought four years ago for $47.2 million to another investment group for $137 million, according to Valley real estate tracker vizzda.com. The following day, Tides Equities bought two Mesa complexes for a $217.5 million. Tides’ sale of the Midtown on Main Street Apartments in the 2100 block of W. Main
see APARTMENTS page 3
Mesa tries to end downtown ‘Grid’ lock BY GARY NELSON Tribune Contributor
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esa City Council wrapped up a busy year on Dec. 8 by trying to jump-start a stalled residential project that’s now just steel skeleton in the heart of downtown. The final agenda of 2021 also included approval of more downtown housing, an eastside industrial development, utility rate increases, new technology to protect firefighters, new regulations for food trucks and a contract to ensure adequate staffing for the plants that supply Mesa’s drinking water. Construction on a ballyhooed residential complex on city-owned land next to Benedictine University on the south side of Main
Mesa City Council approved some new agreements aimed at helping to get The Grid, a longstalled residential-commercial complex downtown, moving again next year. (Tribune file photo)
see GRID page 8
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