CBRE announced the $95.65 million sale of the 272-unit multifamily community Arrive Ocotillo in Chandler, Ariz. to Acacia Capital Corporation.
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CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of Phoenix Multifamily Institutional Properties represented the seller, FPA Multifamily.
Built in 1998, Arrive Ocotillo’s recently renovated luxury amenities include two updated pool areas with cabanas and barbeques, a remodeled resident clubhouse and outdoor lounge area with a fire pit and TVs. The property, located at 825 W Queen Creek Road, also features two updated state-of-the-art fitness centers with new equipment, three spa areas, new children’s playground with jungle gym and covered seating, a bike repair station and package lockers.
“The seller invested significant capital to enhance the resident experience and add value to the community,” said Gunter. “The property will benefit long-term from the strong demand for multifamily housing in Chandler.”
The average multifamily rent for metro Phoenix increased 15.3 percent year-over-year in Q2 2021, the strongest rent growth of all U.S. metros, according to CBRE research. Annual rent growth in Chandler topped 19 percent in Q2 2021, while submarket occupancy increased 70 basis points year-over-year to 96.5 percent.
