Tag Archives: Asher Gunter

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CBRE completes $65M sale of Parcland Crossing

CBRE has completed the sale of Parcland Crossing, a 383-unit apartment complex located at 800 W. Willis Rd. in Chandler, Ariz. The multifamily community, which sits just south of the 202 Freeway at the northeast corner of Willis and Alma School roads in Chandler, commanded a sale price of $65 million. The property was 93 percent leased at time of sale.

Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE’s Phoenix office represented the seller, Alma School Apartments, LLC, a joint venture between Scottsdale-based Mark-Taylor, Inc. and Phoenix-based Kitchell Development Co. The buyer was PrivatePortfolio Group, LLC of Seattle, Wa.

Parcland Crossing is an extremely well-located asset. Population growth for the one-mile radius around Parcland Crossing has averaged 5.5 percent in the past three years and is projected to increase by almost 9 percent in the next five years,” said CBRE’s Cunningham. “The exploding population in the area has led to pent-up demand for housing and resulted in an incredibly brisk pace of lease-up activity at Parcland Crossing.”

Parcland Crossing is located in the heart of Chandler’s employment hub. The apartment community is located within a five mile radius of two Intel campuses, Bank of America, Wells Fargo, Chandler Regional Medical Center, eBay/PayPal, Verizon, Microchip, Freescale Semiconductor, Orbital Sciences, EDMC, and Avnet.

Built in 2013, Parcland Crossing features state-of-the-art one-, two- and three-bedroom units in ten floor plans. Community amenities include an elegant entry with controlled-access gate, a designer resident clubhouse, a resort-style swimming area, garage parking, 24-hour fitness center, resident business center, shaded children’s playground, a dog park, and a picnic area with gas barbeque grills.

CBRE - UDR - Waterford

CBRE Negotiates Sale Of 1,744-Unit Multi-Family Portfolio In Metro Phoenix

CBRE has negotiated the sale of six class A multi-family communities, consisting of 1,744 units in the greater Phoenix area.

Vice Chairmen Tyler Anderson and Sean Cunningham, and Associate Asher Gunter of CBRE’s Phoenix office represented the seller, UDR Inc. of Highlands Ranch, Colo., in structuring the sale of its remaining Phoenix-area assets. The buyer was a fund managed by DRA Advisors LLC of New York City and The Milestone Group LLC of Dallas. The total purchase price was not disclosed.

The portfolio, which has an average occupancy of 95%, includes:

  • Finisterra: Built in 1996, this 356-unit community at 1250 W. Grove Parkway in Tempe
  • Lumiere: Built in 1995, this community was converted to condominiums in 2007. Of the 320 total units, 248 were acquired in this transaction. The property is at 1100 N. Priest Drive in Chandler
  • Residences at Stadium Village: Built in 2009, this 382-unit community is at 16485 N. Stadium Way in Surprise
  • Sierra Canyon: Built in 2000, this 236-unit community is at 17500 N. 67th Ave. in Glendale
  • Sierra Foothills: Built in 1999, this 322-unit community is at 13601 S. 44th St. in Phoenix
  • Waterford at Peoria: Built in 2008, this 200-unit community (above photo) is at 14109 N. 83rd Ave. in Peoria

“The Phoenix multi-family market is extremely well positioned to benefit from the current recovery. Job and population growth are rising and market rents are projected to continue to improve,” Anderson said. “This acquisition will not only allow DRA to capitalize on the economic upswing, it immediately gives it a major presence in the market.”

The six Arizona assets are part of a larger portfolio offering that DRA is acquiring from UDR. The other eight multi-family communities are located in Florida, Texas and Virginia.

Andante Apartments

CBRE Negotiates $61.3M Sale Of Andante Apartments

CBRE negotiated the $61.3M sale of Andante, a 576-unit luxury apartment community at 15801 S. 48th St. in Phoenix.

Vice Chairmen Tyler Anderson and Sean Cunningham, and Associate Asher Gunter of CBRE’s Phoenix office represented the institutional seller, Andante Acquisition Corporation, in structuring the transaction. The buyer was Chicago-based Waterton Associates LLC.

Additionally, financing through Fannie Mae was arranged by Executive Vice President Brian Eisendrath and Senior Production Analyst Brandon Smith of CBRE Capital Markets Debt & Equity Finance in Los Angeles.

“Andante is located in the highly desirable Ahwatukee Foothills community, which continues to outperform the metro marketplace in terms of rental growth and demand,” Anderson said. “Multi-family fundamentals in this area are expected to remain strong for the long haul, benefiting from positive job growth in the Southeast Valley and the improving economy.“

Andante is the most recently developed multifamily community west of Interstate 10. The property offers luxury living with seven attractive floor plans, large living areas, nine foot ceilings, Roman tubs and full-size washers and dryers. Residents at Andante also enjoy three resort-style swimming pools, a designer clubhouse, a fully-appointed 24-hour fitness center, a business center and a dog park.

Developed in two phases in 1999 and 2001, Andante was 94% occupied at the time of sale.