A 576-unit, Class A multifamily complex, Andante, was sold to a Seattle-based real estate investment firm for $85.25 million, according to CBRE, the brokerage firm that worked on the deal.
Andante is located at 15801 S. 48th St., in Phoenix’s Ahwatukee submarket. The apartments are located west of Interstate 10 with visibility along Chandler Boulevard.
Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE’s Phoenix office represented the seller, Chicago-based Waterton. The buyer was Seattle, WA-based Security Properties.
The multifamily complex, Andante, sold for $61.3 million in 2012. CBRE negotiated the deal then as well.
“Andante is a well-maintained suburban multifamily asset offering tremendous value-add upside,” said CBRE’s Gunter. “The property is located within a highly desirable, amenity-rich submarket with top-performing schools. Additionally, the property benefits from a high barriers-to-entry location.”
Built in 2000, the community features all one- and two-bedroom floor plans averaging 886 square feet per unit. Community amenities include three resort-style swimming pools, resident clubhouse, a 24-hour fitness center and an expansive dog park.
