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| The Fairways Apartments, Chandler, AZ |
CHANDLER, Ariz., April 5, 2013 – Marcus & Millichap Real
Estate Investment Services Inc. has arranged the sale of The Fairways, a
352-unit apartment community located on the San Marcos Golf Resort in
Chandler, Ariz., part of the Greater Phoenix metropolitan area.
The $35,215,500
sales price equates to $100,044 per unit.
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| Steve Gebbing |
Cliff David, vice president investments and Steve
Gebing, also vice president investments, both in Marcus & Millichap’s
Phoenix office, had the exclusive listing to market the property on behalf of
the seller, Situs Holdings LLC.
The buyer is The Bascom Group LLC of Irvine, Calif. in
coordination with its local affiliate, Bascom Arizona Ventures LLC of
Scottsdale, Ariz.
“Developed in two phases by two distinctly different
developers, The Fairways features some of the most unique property
characteristics and architectural advantages found within the Greater Phoenix
multifamily market, particularly among assets built during the 1980s and
1990s,” says David.
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| Cliff David |
Constructed in 1986 and 1996, the property is located at 777 West
Chandler Blvd., less than one mile west of historic downtown Chandler, a part
of the city that has benefited tremendously from recent and ongoing
gentrification efforts.
The Fairways features intelligently designed one-, two- and
three-bedroom apartment homes averaging 965 square feet. Apartment interiors
include fully equipped electric gourmet kitchens with full breakfast bar,
nine-foot ceilings, full-sized washers and dryers, spacious walk-in closets and
comfortable private patios or balconies.
Select apartment homes also feature a
wood-burning fireplace, vaulted ceilings, separate storage space, tuck-under
carports, direct-access garages and lightly upgraded interior finishes.
For a complete copy of the company’s news release, please
contact:
Ben Johnson,
Marketing Director
(925) 953-1736
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