(To read more on the multifamily market, click here.)
CHANDLER, AZ-Adding to its already strong portfolio in the Phoenix metro, Bascom Arizona LLC of Irvine, CA has spent $22.4 million to acquired Chandler Place Apartments, a class A, 320-unit property, from its developer, Trillium Residential LLC.
Chandler Place, located at 2222 N. McQueen Rd., was acquired through bid and received up to 18 offers, with many grouped around the $22-million price tag. According to David Fogler, senior vice president of Grubb & Ellis/BRE Commercial in Phoenix, choosing among some of what he termed were "good quality offers" was difficult.
"Bascom's timing was the most appealing as well as its track record of marketplace closings and their price made them the buyer we selected," notes Fogler, who, with colleague Steve Nicoluzakis, represented both parties in the transaction.
The asset is made up of 96 one-bedroom units, 176 two-bedroom apartments and 48 three-bedroom designs. Units range from 790 sf to 1,275 sf while rents run from $660 to $995 per month.
Though the property is only seven years old, Fogler tells GlobeSt.com that Bascom plans to spend additional resources on repositioning the property, which was 90% at the time of closing. While the property is a strong one, he adds, Bascom wants to ensure it stays that way. "There's an opportunity to keep it competitive, to keep it strong with other new deals in the market," he adds.
From the Phoenix-based Trillium's perspective, Fogler says the partnership formed to develop the property simply had come to an end. "The building was seven years old, which was the intended life span of the partnership Trillium had put together for it," he says.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
