Forrester tells GlobeSt.com that Greentree Place Investors had owned the complex since 2001 and decided to sell the property to take advantage of the demand in the market. The 17-year-old complex was Greentree Place Investors' only apartment asset in Arizona.
"Chandler is one of the more dynamic markets in our city, and the property saw quite a bit of interest," Forrester says. "The buyers see the market here turning around. It's starting to recover." He adds that the buyers plan to hold the community as a long-term investment.
Situated on 15.2 acres at 250 South Elizabeth Circle just southeast of Downtown, Greentree Place is a garden-style complex built in 1987. "It has a lot of class A features, even though it's not a class A complex and it was built a while back," Forrester says. The complex includes 9-foot ceilings, washer/dryer hook-ups in every unit and large floor plans.
Greentree Place offers 112 one-bedroom units ranging from 550 sf to 808 sf, 120 two-bedroom units ranging from 817 sf to 1,015 sf and 24 three-bedroom units with 1,125 sf. The average rental rate is $700 per month.
The complex was 91% occupied at the time of sale, but "offers specials and concessions," Forrester notes. The buyers were represented by Michael Sun of Rancho Viejo, CA-based Peninsula Group.
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