CHANDLER, AZ – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has been retained to sell Chandler Meadows (top left photo), a 200-unit apartment community located in Chandler.
Offered at a list price of $13.9 million, the property will be sold free and clear of any existing debt and can be purchased on an all-cash basis.
Cliff David and Steve Gebing, multifamily investment specialists in Marcus & Millichap’s Phoenix office, have been retained to market the property on behalf of the seller, Prudential Mortgage Capital Co.
“Chandler Meadows is a great opportunity to acquire a real estate-owned asset located adjacent to the Arizona State University Research Park (bottom left photo), a vibrant corporate community,” says David.
“The 324-acre park is one of the most highly improved business and industrial parks in Greater Phoenix and is home to more than 30 research and development companies, including corporate and regional headquarters and more than 3,000 employees.”
Located at 3175 North Price Road, Chandler Meadows was developed by A.G. Spanos Cos. in 1983 and offers five floor plans comprised of one-, two- and three-bedroom apartment homes. Exterior renovations were completed in 2007 and approximately 50 percent of the apartment interiors were upgraded in 2007-2008. Approximately $3.4 million was spent on upgrades during that time.
“Chandler has a young, well-educated population,” adds David. “More than 34 percent of its residents have earned a bachelor’s degree or a graduate degree. This desirable demographic contributes to a highly qualified employment base and helps make Chandler a desirable location for multifamily investment,” David concludes.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
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