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| Almeria at Ocotillo Apartments, Chandler, AZ |
CHANDLER, AZ (Aug. 16,
2016) – Passco Companies, LLC has acquired Almeria
at Ocotillo, a 389-unit, Class A luxury multifamily community located
within the Ocotillo Master Planned Community, an upscale master planned
community in the dynamic Phoenix submarket of Chandler, Arizona, for
approximately $80 million.
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| Sean Cunningham |
The apartment community is
located at 2470 and 2471 West Edgewater in Chandler, Arizona. Sean Cunningham at CBRE represented the
buyer and the seller, PB Bell.
“Chandler is one of the
most desirable submarkets in the Phoenix metro,” says Gary Goodman, Senior Vice President, Acquisitions for Passco
Companies. “The greater Chandler area is home to the largest concentration of
tech jobs in all of Arizona and is positioned to perform extremely well over
the next several years.”
Goodman notes that Almeria
at Ocotillo is located within the region known as “Silicon Desert,” which is
one of the most dynamic tech employment markets in the Southwestern U.S.
The
apartment community is also located within walking distance to three of the
largest employers in Silicon Desert, Intel, Wells Fargo and Orbital ATK.
“The region’s strong
presence of technology-driven employers, highly educated workforce, and
projected job growth presents a tremendous opportunity for long-term value,”
says Goodman.
“By 2017, an additional
17,000 jobs are anticipated to hit the market. Wells Fargo, located
approximately a half mile from the apartment community, is also planning a
major expansion, adding two 13-story office towers. This may eventually lead to
more than 12,000 employees on its campus.”
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| Gary Goodman |
In addition, there is more than
four million square-feet of office space planned, or under construction, in the
Chandler submarket with two million square-feet expected to open in the third
quarter of 2016.
“This influx in office development,
coupled with the unprecedented job growth throughout the region will continue
to drive renter demand for the asset,” says Goodman. “This will result in
immediate stabilized cash flow while also allowing for continued rent growth
and increased property value over time.”
Located within the
Ocotillo Master Planned Community, the newly constructed apartment community
was built in two phases with the North Phase – featuring 194 units – completed
in 2015 and the South Phase – featuring 195 units – completed in 2014.
“Almeria at Ocotillo boasts some of
the most comprehensive amenities in Chandler further adding to its appeal,”
says Goodman who also notes that the average household income within Ocotillo
is $104,000. “These high quality
amenities will attract the growing demographic of young tech workers throughout
the region, keeping renter interest high and maximizing our return on
investment.”
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| R. Chapin Bell |
Cunningham adds, “Almeria at Ocotillo’s distinctive Mediterranean charm combined with top-of-the-market community amenities and Class A finish-levels set the standard for upscale apartment living in Chandler.
"The community’s coveted location within the high-end Ocotillo Master Planned Community, surrounded by diverse knowledge-based employers, ideally positions Almeria Ocotillo to benefit from strong future demand for multifamily housing in the surrounding area.”
The apartment community
features an infinity pool with complimentary day beds overlooking the Ocotillo
Lake, a second resort-style pool, a lap pool, two spas, a state-of-the-art
fitness center, an outdoor kitchen, electric car charging stations, and a
clubhouse equipped with pool tables, among many other amenities.
In addition to these
upscale amenities, the property is located approximately five miles off of
Interstate 10, providing residents with convenient access to downtown Phoenix.
“Almeria is a distinctly luxurious
community that we designed and built from the ground up, with a mindful focus
on including premium, aesthetically-pleasing amenities and design elements,”
says P.B. Bell’s Chief Executive Officer R. Chapin Bell. “We’re very proud of
what we accomplished at Almeria and we are pleased that others appreciate the
value and beauty of this special property. It’s in good hands with Passco.”
For a
complete copy of the company’s news release, please contact:
Devin Ugland / Lexi
Astfalk
Brower, Miller & Cole
(949) 955-7940
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