Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Alante at the Islands, a 320-unit multifamily asset in Chandler, Arizona. The property sold for $59.6 million, or $186,250 per unit.
“The Southeast Valley is the economic super core of Arizona and Chandler is one of the Valley’s youngest cities,” said Steve Gebing, IPA senior managing director. “The rapidly expanding area has a world-class infrastructure that is home to multi-billion-dollar global companies and a well-educated labor force. With over 168,000 professionals within a five-mile radius, Alante at the Islands is in the heart of a dynamic employment market.”
Gebing and Cliff David, IPA senior managing director, represented the seller, P.B. Bell, and procured the buyer, CWS Capital Partners.
The asset is within immediate proximity to Downtown Chandler and the Price Corridor as well as the Uptown, Airpark, West Chandler and Northwest Gilbert corridors. There are two prominent Tempe business parks, ASU Research Park and Discovery Business Campus nearby. Average annual household income within a one-mile radius of Alante at the Islands is $92,938 and more than 72 percent of those residents are white collar professionals. Situated on almost 20 acres, the property was developed in 1996.