New Apartment Complex in Chandler, AZ Fetches $39M
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.
"Chandler's strategic location, the submarket's high barriers to entry, predominance of white-collar jobs, and limited supply," resulted in a competitive bidding process, said Trevor Koskovich, president of investment sales, based in Northmarq's Phoenix office.
The first residents of the Village of Chandler moved in December 2023, and at the time of its sale, it was 97% leased. The award-winning luxury complex consists of one, two and three-bedroom homes with upgraded amenities including a resort-style pool, dog park, outdoor fitness center, BBQ grills, walking trails, detached garages, and private backyards.
The complex is located near schools, groceries, restaurants and recreational opportunities. It is also near I-10 with easy access to Phoenix, of which Chandler is a suburb. Chandler is a commercial and tech hub hosting companies involved in electric vehicle R&D, aviation and aerospace, IT and software, business and financial services, and healthcare and bioscience. The Village of Chandler is near high-earning job opportunities including Intel Corporation's Ocotillo Campus and others.
The new owner of the complex is to be announced at the end of September, according to the leasing agent, Bryten Real Estate Partners.
Source: GlobeSt/ALM