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.