Cushman & Wakefield negotiated the sale of Chandler apartments, which sold for $21.65 million. Park Tower Apartments, a 180-unit value-add multifamily investment at 1283 W. Parklane Blvd. in Chandler, was sold to Chicago-based 29th Street Capital.
Cushman & Wakefield Executive Managing Directors Steven Nicoluzakis and David Fogler of the Phoenix office represented the seller, Scottsdale-based Clear Sky Park Tower, LP, in the sale.
“Park Tower Apartments presented an opportunity for the new owner to continue repositioning the asset by upgrading interiors to compete with comparable properties in the thriving Chandler market,” said Nicoluzakis.
The property, built in 1986, sits on 9.9 acres and currently offers 1- and 2-bedroom floor plans with an average unit size of 817 square-feet. Situated within the city of Chandler, Park Tower Apartments is conveniently located in close proximity to entertainment, shopping, dining, large employment centers and excellent freeway access.
