MESA, AZ - Rockwell Property Co., a leading Chicago-based real estate investment firm, has completed the $33 million acquisition of Cimarron Apartments, a 210-unit multi-family property located one block from the center of downtown Mesa, Arizona. The purchase marks Rockwell’s sixth acquisition in Arizona and its first in the city of Mesa, further expanding the firm’s presence in the rapidly growing Phoenix metropolitan area.
Built in 1985, Cimarron is one of the few garden-style communities in the immediate area. The property spans more than five acres and features two interior courtyards and gated parking. Amenities include a club room, fitness center, indoor basketball court, laundry center, resort-style pool and hot tub, grilling stations, dog run, and lawn games area. Its prime location provides residents with walkable access to downtown Mesa’s expanding mix of employers, restaurants, retail, and entertainment, as well as convenient light rail access to Phoenix.
A distinctive aspect of the acquisition is that Cimarron includes developable land for additional apartments on the northeast corner of the site. While Rockwell does not plan immediate development of the parcel, the firm views the expansion potential as a valuable long-term opportunity.
“With Phoenix values resetting in recent years and apartment supply expected to burn off in the near future, Cimarron represented a well-timed opportunity to acquire a high-quality, well-located asset with meaningful upside,” said Jason Fishleder, principal at Rockwell. “In addition to the potential for future development, we see strong value in various property enhancements.”
The seller was a local family that had owned Cimarron for more than a decade as part of a portfolio. “Cimarron has been exceptionally well-maintained, with consistent care and reinvestment over the years that position the property for long-term success,” added Fishleder.
Rockwell plans to implement a targeted value-add program focused on select unit upgrades and community amenity enhancements.
Mesa has experienced significant revitalization and economic growth in recent years, with downtown emerging as a vibrant hub for arts, culture, and innovation. Rockwell’s acquisition of Cimarron Apartments aligns with the firm’s broader strategy of identifying well-located, well-maintained assets in markets with strong multi-family fundamentals.