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1/14/21
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In a major multifamily acquisition out of Phoenix, MG Properties Group has purchased Andante Apartments, a 576-unit residential community in the city’s desirable Ahwatukee submarket, for $145.25 mil, or $252k per unit. The Class B asset, located at 15801 S 48th St, was built in phases between 1999 and 2002.
The property offers residents an attractive low-density setting with extensive common area amenities, including three pools with picnic areas, a resident clubhouse, and a fitness center. Units at Andante feature large bay windows, 9-foot ceilings, modern stainless steel appliances, and French doors that lead private patios.
The property has open parking, as well as carports and attached garages. The community’s South Phoenix location provides access to premium shopping, dining, and entertainment options. Nearby local attractions include the Pecos Community Center and the South Mountain Hiking Trails.
The seller was represented by Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE. The property was financed with a 10-year fixed rate loan for $99.5 mil, provided by Fannie Mae and arranged by Rocco Mandala of CBRE.
We’re told that over the past 20 years, only two apartment communities have been built in Ahwatukee and there are currently no new multifamily properties planned.
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