Fairfield owns and operates nine complexes in the metro area and developing six others, including Cantera, the latest undertaking which will bring 288 units to market. The project will open by April 2002, say company officials. The complex will contain one-, two- and three-bedroom units, ranging in size from a little over 700 sf to more than 1,235 sf.
Fairfield's other projects are the Sonoma Apartments in Avondale; Stonebridge Ranch in Chandler; Spring Canyon in Mesa; Rock Canyon Apartments in Peoria; and Palazzo Townhomes in Phoenix. All of the complexes are expected to have more than 250 units.
Fairfield has purchased the Chandler parcel from Metropolitan Land Co., a Phoenix-based real estate investment firm. Broker Mark Forrester of the Phoenix office of Hendricks & Partners has negotiated the land sale.
The apartment site is less than a half mile from the Price Freeway section of Loop 101 and the alignment for the San Tan Freeway, which will link the Price Freeway and Interstate10. Construction is expected to begin on the San Tan in 2003.
Chandler's apartment market has improved significantly over the past year. The vacancy rate has fallen more than a full percentage point and now stands at 6.8%, according to a recent survey by Hendricks & Partners. In the past year, the average rent for an apartment in Chandler has gone up 4%, one of the highest increases in the Valley. The overall rent increase in the past year has been 3.5% while Chandler's average rent is $751, $69 higher than the Valley average.
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