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Employer Proximity is Key Factor in Multifamily Purchase

CHANDLER, AZ—Park Tower Apartments presented an opportunity for the new owner to continue repositioning the asset by upgrading interiors to compete with comparable properties.

By Lisa Brown | lisabrown | | Updated on June 22, 2016
Park Tower Park Tower has proximity to some of Chandler’s most significant employers.
CHANDLER, AZ— Park Tower Apartments is located in close proximity to entertainment, shopping, dining, large employment centers and public transportation at 1283 W. Parklane Blvd. It is also conveniently located near Loop 101, Loop 202 and Interstate 10, just minutes from the San Marcos Golf Course. The multifamily community is tucked away in a park-like setting and is part of the Chandler Unified School District. The 180-unit value-add multifamily investment asset has sold to Chicago-based 29SC Park Tower LP (29th Street Capital) for $21.65 million. The seller was Clear Sky Park Tower LP (Clear Sky Capital) of Scottsdale, AZ. Cushman & Wakefield executive managing directors Steven Nicoluzakis and David Fogler of the Phoenix office represented the seller in the sale. “Park Tower Apartments presented an opportunity for the new owner to continue repositioning the asset by upgrading interiors to compete with comparable properties in the thriving Chandler market,” said Nicoluzakis. The property was built in 1986, sits on 9.9 acres and offers one- and two-bedroom floor plans with an average unit size of 817 square feet. Park Tower Apartments’ floorplans have fully equipped kitchens featuring built-in microwaves, large private patios or balconies, ceiling fans, extra storage, and in-home washer and dryers. Fogler tells GlobeSt.com:  “Park Tower’s proximity to some of Chandler’s most significant employers was a major attraction to 29th Street Capital.” The community features two resident swimming pools with poolside WiFi, a fully equipped fitness center and children’s playground. It is also a pet-friendly property.  

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