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8/16/21
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Acacia Capital Corporation has acquired Arrive Ocotillo, a 272-unit multifamily community in Chandler, AZ, for $95.65 mil ($351.6k/unit). The property was sold by an affiliate of FPA Multifamily LLC.
Arrive Ocotillo, located at 825 W Queen Creek Rd, was built in 1998, the property’s recently renovated luxury amenities include two updated pool areas with cabanas and barbeques, a remodeled resident clubhouse and outdoor lounge area with a fire pit and TVs. It also features two updated state-of-the-art fitness centers with new equipment, three spa areas, new children’s playground with jungle gym and covered seating, a bike repair station and package lockers.
CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of Phoenix Multifamily Institutional Properties represented the seller in the deal. According to Gunter, the seller invested significant capital to enhance the resident experience and add value to the community.
The average multifamily rent for metro Phoenix increased 15.3% year-over-year in Q2 2021, the strongest rent growth of all U.S. metros, according to CBRE research. Annual rent growth in Chandler topped 19% in Q2 2021, while submarket occupancy increased 70 basis points year-over-year to 96.5%.
Since forming its first institutional fund in 1992, Acacia Capital Corporation's investment funds have acquired real estate debt and equity interests in excess of $6 bil. Acacia currently owns more than 12,000 apartment units in the United States including approximately 2,500 units in metro Phoenix.
Founded in 1985, FPA has owned over 130,000 apartment units valued at over $15 bil. FPA is currently investing through its value-add focused FPA Apartment Opportunity Fund VII which will acquire approximately $3.0 bil of assets and its core-plus focused FPA Core Plus Fund V which will acquire approximately $1.9 bil of assets.
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