CHANDLER, AZ—Due to an affluent consumer base and emerging employment centers, Chandler, AZ has an appeal for residents and workers alike. Multifamily assets in this city are popular with investors such as the ConAm Group of Companies, a real estate management and investment firm specializing in multi-family housing. The firm currently operates 4,300 units in the Phoenix market and recently expanded its multifamily portfolio with the acquisition of the 324-unit apartment community, The Greens.
Rob Singh, ConAm's president and chief investment officer, tells GlobeSt.com: "The submarkets surrounding Phoenix have demonstrated tremendous growth within the last few years and Chandler is no exception. The acquisition of The Greens was opportunistic and allows us to take advantage of the rapid market growth in this affluent area. By performing both interior and exterior renovations to the property, including upgrading the common areas, we will be able to maximize rent growth, as well as attract and retain new tenants."
This property has exclusive frontage on the San Marcos Golf Resort with golf course views from most of the units and is within walking distance of historic downtown Chandler. It is located near Interstate 10, Loop 101 and Loop 202, and provides easy access to employment centers in both Chandler and Greater Phoenix.
"Chandler is an affluent community that is demonstrating the capacity for rapid growth," according to George Lloyd, ConAm's executive vice president of acquisitions, who notes that the average household income is $83,296, according to the city of Chandler.
At the time of the acquisition, the apartment community was 98.7% occupied.
"Our plan is to immediately improve the overall aesthetics of the property, complete the balance of an interior renovation, and upgrade the common area amenities, enabling us to attract new residents and increase current resident retention. The property upgrades will also provide the opportunity for future rent increases, coinciding with population and job growth in this affluent area," Lloyd adds.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
