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7/12/21
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San Diego-based Sunroad Enterprises acquired Parcland Crossing, a 383-unit multifamily community in Chandler, AZ, for $125 mil ($326.4k/unit). Sunroad renamed the community The Laurel Apartments.
Built in 2012, The Laurel Apartments is located 800 W Willis Rd. It features two swimming pool areas with cabanas, a fully equipped fitness center with spin room, resident clubhouse with game room, a business center and children’s playground.
CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of Phoenix Multifamily Institutional Properties represented the seller, PrivatePortfolio Group.
“We continue to see elevated interest from multifamily investors looking to Phoenix for quality assets and strong fundamentals,” said Anderson. “The Laurel’s central location in the Chandler submarket perfectly positions the community to benefit from the region’s accelerating metrics.”
Phoenix posted one of the highest year-over-year multifamily rent increases of all U.S. metros in Q1 2021 with a 5.3% increase, according to CBRE research. The average multifamily rent in Chandler increased 6.1% in that time frame.
Founded in 1977, San Diego-based Sunroad Enterprises has developed, owned, and operated successful office, multifamily, resort, retail, land and industrial projects. Sunroad’s multifamily portfolio consists of 25 properties in eight states, totaling over 8,000 Class A apartment units.
PrivatePortfolio Group LLC has acquired and managed on behalf of affiliated entities more than 10,300 Class A apartment units, totaling $1.51 bil, spread among 29 communities in the Phoenix metropolitan region and nine in the Seattle metropolitan region.
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