California Investor Buys Apartment Complex for $33 Mil

PHOENIX-In one of the biggest apartment sales of the year, a California-based real estate investment company has purchased an apartment complex for $33.3 million in the fast-growing suburb of Chandler.

Nevins/Adams Properties Inc. purchased the Towne Square Apartments, a 584-unit, garden-style apartment complex in Chandler at 500 N. Metro Blvd. The complex consists of 45, two-story buildings, four swimming pools, five spas, a clubhouse and fitness facility. The complex was built first in 1987 and later expanded in 1995.

The sale price equates to more than $57,000 per unit.