Newly-Constructed AZ Multifamily Trades for $91M

CHANDLER, AZ – A private family trust has acquired a newly-constructed, 300-unit apartment complex in Chandler, AZ, for $91 million. The multifamily community, Riata, was acquired for $303,333 per unit in a 1031 exchange.

Marty Cohan, Marcus & Millichap’s SVP of investments and advisor to the buyer, along with Institutional Property Advisors’ executive managing directors, Cliff David and Steve Gebing, managed the execution of the sale and the purchase of the property.

“The acquisition of Riata was the culmination of an exhaustive search for a best-in-class multifamily asset to purchase following the sale of the buyer’s long-held Northwest Valley apartment property,” states Cohan.

Riata, completed in 2020, encompasses 13 four-story buildings. The complex features elevators, air-conditioned corridors, a club-style gym, pool and spa area. The apartment units feature nine-foot ceilings, granite countertops and washers and dryers.

“Riata is a well-conceived, well-located trophy apartment community developed by San Antonio, Texas-based, Embrey Partners,” states David. “The rapidity of the lease-up, despite the impositions caused by the effects of the coronavirus pandemic, demonstrates the attraction Riata has for people desiring apartment homes with high-end amenities adjacent to Chandler’s premiere retail concentration and proximate to the robust Price Corridor, the foremost destination for high-salaried professionals in the state of Arizona.”

Situated on nine acres of land on Chandler Blvd, Riata is located near Chandler Fashion Center, the Loop 101 freeway and the Loop 202 freeway.