The property at 3236 E. Chandler Blvd., adjacent to the Phoenix Mountain Preserve in the Mountain Park master-planned community, has been renamed Broadstone Canyon. The property was acquired from the estate of JW English in an off-market transaction, says Jeff Cunningham, managing director of acquisitions for Alliance Residential. Steven H. Goldstein of Amercon Realty Services Inc. represented the seller.
"We pursued it for five or six months," Cunningham tells GlobeSt.com. "It's a class A asset in a class A location that we really like."
The eight-year-old complex offers one-, two- and three-bedroom units, averaging 1,038 sf. The monthly rent averages $925. Sixty-five percent of the units have direct-access garages. Occupancy exceeds 95%.
"We're looking for assets that we think are well located and positioned to take advantage of the on-going recovery," Cunningham says of a development with unobstructed views of the Phoenix Mountain Preserve, a network with hundreds of miles of hiking and biking trails. "This submarket is built out for multifamily product…It's a high barrier to entry submarket and we really, really like that." Moreover, the asset's price is well below market rate and below replacement cost at $81,140 per door or $78 per sf, according to Cunningham.
So far this year, Alliance Residential has acquired more than $45 million of multifamily properties including one in Las Vegas. The company also is under contract for another property in Las Vegas. Alliance Residential manages more than 6,000 apartment units in the Phoenix area and is looking to add more to its portfolio. "We think the market is improving," Cunningham says.
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