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November 17, 2019
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Out of State Investor Pays $32 Mil for Chandler, AZ Res Community


River Ranch, a 188-unit multifamily community in Chandler, AZ, traded hands in a recent, $32 mil ($170.2k/unit) deal. Located at 6152 W. Oakland St, the asset was acquired by Greystar GP II LLC, an entity formed by Greystar of Charleston, S.C.

River Ranch is a two-story, eleven building, garden-style complex which offers one- and two-bedroom floor plan options averaging 742 sf. Built in 1986, the property has gone through various capital improvements totaling $2.5 mil over the last seven years. Upgrades have included washers/dryers installed in all units, roof replacement, exterior paint, and new black appliance packages in 31 units.

Unit interiors include washer/dryer, private balcony or patio, spacious pantry closets, wood style flooring, internet/cable ready, individual hot water heaters and walk-in closets. Common area amenities include two sparkling swimming pools and spas, pet friendly, playground area, fitness center, picnic areas and barbecue grills, covered parking and parcel storage center.

Jim Crews with Cushman & Wakefield represented the seller, PHX Oakland 2010 LLC, a company formed by Acacia Capital Corporation, out of San Mateo.

“This sale represented a win/win scenario for both the buyer and seller. The seller was able to monetize significant gains in their investment fund due to the long term ownership of the asset. The buyer saw additional upside in the renovation potential of the unit interiors in the Chandler submarket, one of the fastest growing areas of Phoenix,” said Crews.

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