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Walkability Within Silicon Desert Adds to Multifamily Popularity

CHANDLER, AZ—The combination of three new developments will add nearly 1.8 million square feet of retail, office and hospitality space, further driving demand for multifamily housing in the area.

By Lisa Brown | lisabrown | Updated on August 22, 2016

Multifamily The apartment community is located at 2470 and 2471 West Edgewater.

CHANDLER, AZ—More than 17,000 jobs are anticipated to be created by 2017, further growing the Silicon Desert. Amid this influx of jobs, especially from the tech industry, Passco Companies LLC has acquired Almeria at Ocotillo, a 389-unit class-A luxury multifamily community located within the Ocotillo master planned community for approximately $80 million. The apartment community is located within walking distance to three of the largest employers in Silicon Desert: Intel, Wells Fargo and Orbital ATK.

“The region’s strong presence of technology-driven employers, highly educated workforce and projected job growth presents a tremendous opportunity for long-term value,” says Gary Goodman, senior vice president, acquisitions for Passco Companies.  “The greater Chandler area is home to the largest concentration of tech jobs in all of Arizona and is positioned to perform extremely well over the next several years. By 2017, an additional 17,000 jobs are anticipated to hit the market. Wells Fargo, located approximately a half mile from the apartment community, is also planning a major expansion, adding two 13-story office towers. This may eventually lead to more than 12,000 employees on its campus.”

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