Cushman & Wakefield completed the sale of River Ranch, located at 6152 W. Oakland Street in Chandler, Ariz. Greystar GP II, LLC, an entity formed by Greystar of Charleston, S.C., purchased the 188-unit multifamily community from PHX Oakland 2010, LLC, a company formed by Acacia Capital Corporation of San Mateo, Calif., for $32 million.
Executive Managing Director Jim Crews from the Cushman & Wakefield Phoenix office represented the seller.
River Ranch is a two-story, eleven building, garden-style complex which offers one- and two-bedroom floor plan options averaging 742 square feet. Built in 1986, the property has gone through various capital improvements totaling $2.5 million over the last seven years including washers/dryers installed in all units, roof replacement, exterior paint, and new black appliance packages in 31 units.
Unit interiors include washer/dryer, private balcony or patio, spacious pantry closets, wood style flooring, internet/cable ready, individual hot water heaters and walk-in closets. Common area amenities include two sparkling swimming pools and spas, pet friendly, playground area, fitness center, picnic areas and barbecue grills, covered parking and parcel storage center.
“This sale represented a win/win scenario for both the buyer and seller. The seller was able to monetize significant gains in their investment fund due to the long term ownership of the asset. The buyer saw additional upside in the renovation potential of the unit interiors in the Chandler submarket, one of the fastest growing areas of Phoenix,” said Crews.