Marcus & Millichap Real Estate Investment Services Inc. negotiated the sale of The Fairways, a 352-unit multi-family community located on the San Marcos Golf Resort in Chandler.
The $35.2M sales price equates to $100,044 per unit.
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.
“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,” David said.
Constructed in 1986 and 1996, the property is at 777 W. 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 one-, two- and three-bedroom apartment homes averaging 965 SF. Apartment interiors include fully equipped electric gourmet kitchens with full breakfast bar, 9-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.