ColRich Grabs 1984 Mesa Complex for $52.4M, Bets Big on Aging Rentals

ColRich has paid $52.4 million for a Mesa apartment complex built in 1984, a price that works out to roughly $196,000 per unit. The San Diego real estate investment firm plans to rename the property — currently called Avia 266 — as The Remy. The complex sits at 2354 West University Drive, minutes from Arizona State University’s Tempe campus and close to freeway access via the Loop 101 and Loop 202.

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