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Chandler's Club Cancun Fuels $10.5M Sale

CHANDLER, AZ-The offering for the 140-unit complex brought out some heated competition to deliver a closing price that came within $50,000 of the ask. A California investment group wins the 80%-leased complex at Loop 101 and Chandler Boulevard.

By Beverly Ford | Updated on February 13, 2003

CHANDLER, AZ-It may be more than 300 miles to the nearest beach, but Chandler’s Club Cancun still has the all the appeal of that Mexican tourist destination.

The 140-unit apartment complex, located at 375 N. Federal St., has so much appeal, in fact, that brokers saw some heavy competition from buyers when the property went on the market about six months ago.

“There was a lot of people interested in the property,” Mark Forrester of Hendricks & Partners tells GlobeSt.com. “We sold it within $50,000 of the asking price. That gives you some indication of the interest.” The winning offer, however, came from G. Parkman/Heidelberg Partnership/Barr Trust of Fallbrook, CA, which paid close to $10.5 million for the property.

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