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November 20, 2019
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MULTIFAMILY NEWS
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Phoenix Area Res Community Trades Hands for $110 Mil

9/27/19

Biscayne Bay, a 512-unit res community in Chandler, AZ, was acquired for $110.25 mil ($215.3k/unit) by San Diego-based MG Properties. The Phoenix-area asset was sold by Everest Holdings.

Located at 300 E. Warner Rd, Biscayne Bay features two swimming pools, volleyball and basketball courts, kid’s playground, covered picnic areas with barbecue grills, putting green, parcel pending locker for resident packages, and a dog park. Large one-, two-, and three-bedroom units have nine-foot ceilings, decorative crown molding, well-appointed kitchens, walk-in closets, full-size washers and dryers, and large patios.

CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of Phoenix Multifamily Institutional Properties represented the seller in the transaction. Financing was arranged by Rocco Mandala of CBRE Debt & Structured Finance.

“Value-add communities in outperforming submarkets are in high demand,” Cunningham said. “Biscayne Bay provides an excellent opportunity to reposition a stable asset in one of the best multifamily environments in Metro Phoenix.”

According to data analyzed by CBRE Research, the Chandler/Gilbert multifamily submarket led all Metro Phoenix areas in 2018 with 2,425 units of positive net absorption. Occupancy in the submarket in Q2 2019 was 96%.





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