IPA Sells Suburban Phoenix Multifamily Complex for $28.75 Million
CHANDLER, Ariz., March 2, 2017 – Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to announce the sale of Palm Trails Apartments, a 203-unit apartment community in Chandler, Arizona. The $28.75 million sales price equates to $141,626 per unit.
“During the past year, the seller, Stratford Partners, completed a full modernization of the common areas and amenities which, along with proactive management, resulted in significant operational momentum at the property,” says Steve Gebing, IPA senior director. “Strong market support coupled with the asset’s positioning within the submarket’s competitive landscape make Palm Trails a prime candidate for the implementation of a strategic interior renovation program.”
Gebing and Cliff David, a senior director of Marcus & Millichap’s National Multi Housing Group in Phoenix, represented the seller, Stratford Partners and procured the buyer, Capital Real Estate.
Completed in 2002 by CMH Corp., the property is located at 235 East Ray Road, one mile from downtown Chandler and the North Chandler Corridor, which is home to national employers such as NXP Semiconductors, Cintas, AeroSpec Inc., Hensley Beverage Co., Baselayer, and Maxim Integrated. The Airpark Area, a 220-acre master-planned development at the Chandler Airport Center, and the Price Corridor, a 1,442-acre employment center, are within six miles of the community.