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8/17/16
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Passco Companies LLC has acquired Almeria at Ocotillo, a 389-unit, Class A luxury multifamily complex within the Ocotillo master-planned community in Chandler, AZ, for $80 mil ($205.7k/unit). The property, located at 2470 and 2471 West Edgewater, was sold by PB Bell.
Almeria at Ocotillo features an infinity pool with complimentary day beds overlooking the Ocotillo Lake, a second resort-style pool, a lap pool, two spas, a state-of-the-art fitness center, an outdoor kitchen, electric car charging stations, and a clubhouse equipped with pool tables, among many other amenities.
The property is located approximately five miles off of Interstate 10, providing residents with convenient access to downtown Phoenix. The Ocotillo master-planned community was built in two phases with the North Phase – featuring 194 units – completed in 2015 and the South Phase – featuring 195 units – completed in 2014.
The property is situated within the region known as “Silicon Desert,” which is one of the most dynamic tech employment markets in the Southwestern U.S. The apartment community is also located within walking distance to three of the largest employers in Silicon Desert, Intel, Wells Fargo and Orbital ATK. In addition, there is more than 4 msf of office space planned, or under construction, in the Chandler submarket with 2 msf expected to open in the third quarter of 2016.
“Chandler is one of the most desirable submarkets in the Phoenix metro,” says Gary Goodman, Senior Vice President, Acquisitions for Passco Companies. “The greater Chandler area is home to the largest concentration of tech jobs in all of Arizona and is positioned to perform extremely well over the next several years.”
Sean Cunningham at CBRE represented the buyer and the seller in the transaction.
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