|
|
12/26/17
|
Pinnacle Terrace, a 300-unit multifamily asset in Chandler, AZ, traded hands for $56 mil, or about $186.7k per unit. The property was purchased by an institutional investment manager.
Developed by Trammell Crow Residential and BRE Properties Inc in 1998, Pinnacle Terrace is situated on almost 19 acres at 801 North Federal St in Chandler. The property’s community amenities include a leasing office with residents’ lounge and business center; a clubhouse with a theater room, conference room and billiards table; and a 24-hour fitness center with cardio and weight-training equipment. The community also has two resort-style swimming pools and spas with poolside ramadas, 70 detached garages and controlled access gated entry.
The West Chandler Corridor, Arizona State University Research Park, and the Discovery Business Campus are within two miles. The Chandler Fashion Center, a 1.3 msf super-regional mall is one mile south of the property.
Steve Gebing and Cliff David with Institutional Property Advisors represented the buyer and the seller, TA Realty, who acquired the asset for $39.2 mil as part of a two-property buy in summer of 2014.
“Strong economic fundamentals in Chandler’s largest employment hub, the Price Corridor, which accounts for nearly one-third of the city’s total employment base, are creating operational momentum for the submarket’s multifamily assets,” says Steve Gebing, senior managing director. “Pinnacle Terrace’s new owners are in an excellent position to increase revenue by complimenting recent enhancements to the leasing office, clubhouse, and fitness center with strategic interior upgrades.”
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
