Village of Chandler, a new 109-unit multifamily housing community available for rent in Maricopa County, AZ, has been sold for $39.24 million to an as-yet-unnamed buyer. The seller and developer was TruVista Development.

The complex was purchased with a permanent fixed-rate loan on behalf of the borrower. The deal was completed as a result of a repeat borrower-lender relationship with a life insurance company and structured on a 10-year term, according to Northmarq, which represented the seller VOCB, LLC, an entity of TruVista.

"The buyer's long-standing relationship with this lender allowed them to move quickly and aggressively to get the property under contract, lock the interest rate on a term sheet, and proceed to what was an extremely easy execution," said Ron Peterson, a member of the Seattle office's debt and equity team.