PHOENIX—Cushman & Wakefield has closed on the sale of Elevation Chandler Apartments for $28.7. The apartments were recently constructed and are located at 2300 W. Pecos Rd. in Chandler.
The 163-unit development was built in 2014 and sold for $176,074 per unit. RVP Apartments, LP (Vedura Residential, Bruce Hart, Paul Fannin, and Jason O'Clair, principals), sold the multi-family project to WW Elevation, LLC (Olympus Property, Chandler, and Anthony Wonderly, pincipals).
Cushman & Wakefield executive managing directors David Fogler and Steven Nicoluzakis handled the sale transaction.
Elevation Chandler contains a variety of one- and two-bedroom units offering prestigious finishes such as granite counter tops and Euro-style cabinets, as well as some units featuring attached garages. The development provides residents with an open-air clubhouse, outdoor kitchen, and state-of-the-art fitness center.
“This asset attracted strong buyer attention because of its proximity to Chandler Fashion Center and the Price Road Corridor, which is home to some of the biggest name employers in the Phoenix area,” says Fogler. “In addition, as a newer development, Elevation Chandler meets the demands of today's high-end apartment renter who seek lifestyle features typical of luxury home communities.”
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