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March 2, 2021
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EPI Limited Partnership Wraps Up 300-Unit AZ Res Buy


EPI Limited Partnership has acquired Riata, a 300-unit, Class A multifamily community in Chandler, AZ. Although we donít have the purchase price, we can tell you that the acquisition was financed with a loan for $43 mil.

Built in 2020, Riata is located at 100 N. Hearthstone Way, just southeast of Phoenix. The 266.9k sf community features resort-inspired amenities, including a two-story clubhouse with billiards table, arcade games and a dedicated business center. The fully equipped, club-style gym includes a separate yoga and fitness studio with spin bikes. Riataís pool and spa area features a fire pit plus covered seating and open sun decks.

Riata is within walking distance to over 2.5 msf of retail, dining and entertainment, including the Chandler Fashion Center. The Riata Apartments are also situated near the Price Road Corridor, a major technology, medical and financial services employment hub. Given its centralized location, the apartments appeal to residents seeking a generous balance of live-work-play. The property was 92% leased at the time of closing.

CBREís Tyler Anderson, Sean Cunningham, Asher Gunter, Matt Pesch, and Mark McFate of Phoenix Multifamily Institutional Properties represented the seller, San Antonio, Texas-based real estate developer Embrey Partners. Martin Cohan of Marcus and Millichap and Cliff David of IPA repped the buyer. Zach Koucos and Tim Brousse with JLL Capital Markets arranged the 25-year, 2.43% fixed-rate, fully amortizing life insurance company loan.

The multifamily vacancy rate in Chandler decreased 30 basis points year-over-year to 3.3% in third quarter 2020, the lowest rate on record going back to 1995, according to CBRE Econometric Advisors.

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