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12/03/20
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A joint venture of PCCP and F&B Capital has acquired District at Chandler, a newly developed, 340-unit Class A multifamily asset in Chandler, AZ. Although a transaction value was not provided with this announcement, from what we’ve heard, the property traded for around $95 mil, or $280k/unit.
The District at Chandler is an elevator-served multifamily project located at 2222 West Frye Rd, one-mile from the Loop 101 and 202 freeways, two primary arteries serving the Southeast Valley. The property is adjacent to the Price Road Corridor, Chandler’s largest employment center.
District at Chandler offers one- and two-bedroom units. Amenities include a resort-style pool, clubhouse with a co-working area, outdoor pavilion with a BBQ grill, fitness center with spin studio, dog park, bike storage, game room, and various concierge services. It will be managed by RPM (Roscoe Property Management), an affiliate of F&B Capital.
Chandler is one of Phoenix’s top suburban submarkets and saw cumulative rent growth of 4.5% in 2020 through mid-October, according to CoStar. The Phoenix economy has been particularly resilient during the current downturn, with the region recording the lowest unemployment of all major markets and seeing the lowest year-over-year decline in employment as of Q3 2020. The strong job market, low cost of living relative to coastal markets, and dwindling single-family home development are contributors to tight fundamentals of the Phoenix multifamily market.
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