Crosswinds apartment community at 868 S. Arizona Ave. in Chandler has been sold for $54,250,000. The 374-unit property offers its California buyer opportunity to modernize the property and increase its value in the growing Chandler area.
“Crosswinds’ value-add opportunity and fabulous infill location near the thriving downtown Chandler area is hard to find in today’s market,” says Brad Cooke with Colliers Arizona. “The activity that was created just from sending out a coming soon blast to our proprietary database was record setting. It became evident very early that Tides offer and track record was strong enough to make the decision easy for our seller”
Brad Cooke, Cindy Cooke, Matt Roach and Chris Roach of Colliers Arizona handled the sale transaction. Tides Equities of Los Angeles purchased the property from Emma Capital Investments of Toronto, Canada.
Located at the southern gateway to Downtown Chandler at Arizona Avenue and Main Street, Crosswinds offers convenient access to the Loop 202 freeway. The area features 42 bars and restaurants, 20 boutiques and retail stores, five art galleries, 12 music venues, four public parks, Chandler Fashion Center and the Chandler Center for the Arts. In addition, the community is close to major employers, such as PayPal, Amazon, NXP Semiconductors, Intel, and Banner Health. In addition, the property is 15 minutes from the ASU Polytechnic Campus and five minutes from UA Chandler.
Built in 1986, Crosswinds was 95 percent leased at the time of sale. The property includes 374 apartment homes within 17 residential buildings situated on 10.89 acres. Crosswinds has a total of 147,556 square feet of space. The property features studio, one-bedroom and two-bedroom units, many of which have been updated. Some units offer vaulted ceilings, faux wood flooring, walk-in closets, private patios and energy efficient appliances. The pet-friendly community offers abundant resident amenities, including pool & spa, BBQ & picnic area, basketball court, sports court, volleyball court, children’s playground, resident clubhouse, fitness center and laundry facilities.