CHANDLER, AZ-A highly-sought after luxury apartment community has traded for $43.5 million – $400,000 more than its asking price. A Seattle, WA-based investor beat out 44 other prospective buyers to nab Biscayne Bay, a 512-unit property located at 300 E. Warner Rd.

Private Portfolio Group LLC acquired the 10-year old property at a 5.75% cap rate, according to Tyler Anderson, vice chairman of CB Richard Ellis. He and Sean Cunningham, also a vice chairman with CBRE, negotiated the deal on behalf of the seller, Chicago-based Waterton Residential doing business as Fund IX BB Chandler LLC.

Biscayne Bay represents one of the largest multifamily sales in the Phoenix metro area this year, if not the largest. “This deal let the rest of the market know how much activity and interest investors have in the Phoenix area,” Anderson tells GlobeSt. “This demonstrates that there is strong buyer demand for quality assets.”