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May 6, 2021
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Oaktree Capital Management Buys Arizona Multifamily Asset for $295k per Unit


The Core Chandler, a 220-unit Class A multifamily community in Chandler, AZ, was acquired by funds managed by Oaktree Capital Management L.P. for $65 mil ($295.5k/unit). The seller was Sunrise Luxury Living.

Built in 2019 in the Ocotillo area of Chandler, the property is located at 5151 S Arizona Ave. Amenities at The Core Chandler include a heated resort-style swimming pool and spa area with a submerged lounge/tanning pool and private poolside ramadas, outdoor entertaining kitchen with bar seating, outdoor patio with gaming courtyard and fireside retreats, elegant resident lounge with game room, demonstration kitchen with island bar seating, business center with private video conference pods, 24-hour fitness center with Technogym equipment, and pet spa and lighted bark park.

Individual residences feature 9-foot ceilings, quartz countertops, stainless steel appliances, under counter wine/beverage refrigerator, tile backsplash, washer and dryer, designer fixtures and premium light fixtures.

CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of Phoenix Multifamily Institutional Properties represented Sunrise Luxury Living in the transaction.

“The Core Chandler was designed with a resident-centric focus creating a true resort-inspired experience,” said Sunrise Luxury Living Managing Principal Bob Bussone. “Demand for luxury apartments in Phoenix is at an all-time high and we are actively pursuing more development opportunities to deliver quality, luxury multifamily communities to the region.”

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