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11/19/13
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Villamora, a 289-unit apartment community in Chandler, AZ, recently sold for $32.9 mil ($113.8k/unit). The property is located at 2150 South Arizona Ave.
Built in 2001, the two-story, garden-style apartment community offers one-, two- and three-bedroom floor plans. The community amenities include a basketball court, clubhouse, computer room, swimming pool, spa, barbecue, playground, fitness center and controlled-access gate.
Residents can easily access Loop 202 and Interstate 10 from the apartment community, providing connection to the entire Phoenix area. The property is less than a mile from the Arizona Railway Museum and one mile from Tumbleweed Recreation Center. Top employers in the surrounding area include Intel Corporation, Chandler Regional Medical Center, Orbital Sciences Corporation and PayPal.
The seller was PM Olive Grove Chandler LLC, out of Scottsdale. The buyer was San Mateo, CA-based PHX Arizona 2012 LLC. Mark Forrester and Ric Holway of the Phoenix office of Hendricks-Berkadia were involved in brokering this transaction.
The Phoenix metro-wide vacancy rate reached 6.8% in September, up 10 basis points from June.
Asking rents, meanwhile, increased 0.4% to $808 per month.
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