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6/23/17
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San Francisco-based Fowler Property Acquisitions LLC recently closed on a notable AZ multifamily buy, paying $40.5 mil for Ocotillo Springs, a 272-unit ($149k/unit) community in Chandler. The property, located at 825 West Queen Creek Rd, was sold by Ocotillo Springs Associates LLC (Crown Realty & Development Inc.) of Cost Mesa.
Built in 1998, Ocotillo Springs offers newly renovated one-, two- and three-bedroom floor plans that are equipped with deluxe kitchens, living spaces, washers and dryers and private patios. The 18-acre waterfront property includes swimming pools and spas, water features and ponds, trails and a state-of-the-art fitness center. In addition, the lifestyle community is within easy access to the AZ Loop 202 and minutes from the Phoenix Sky Harbor International Airport.
David Fogler and Steven Nicoluzakis with Cushman & Wakefield represented the buyer. According to Nicoluzakis, the buyer was attracted to the asset because of the quality of the property, the value-add potential and the dynamic job growth in the Chandler submarket.
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