CBRE negotiated the sale of the 383-unit multifamily community Parcland Crossing to San Diego-based Sunroad Enterprises for $125 million. Sunroad renamed the community The Laurel Apartments.
CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of Phoenix Multifamily Institutional Properties represented the seller, PrivatePortfolio Group.
READ ALSO: Here are the 10 biggest commercial real estate deals from June
The 2012-built Parcland Crossing, located 800 W Willis Road, features two swimming pool areas with cabanas, a fully equipped fitness center with spin room, resident clubhouse with game room, a business center and children’s playground.
“We continue to see elevated interest from multifamily investors looking to Phoenix for quality assets and strong fundamentals,” said Anderson. “The Laurel’s central location in the Chandler submarket perfectly positions the community to benefit from the region’s accelerating metrics.”
Phoenix posted one of the highest year-over-year multifamily rent increases of all U.S. metros in Q1 2021 with a 5.3 percent increase, according to CBRE research. The average multifamily rent in Chandler increased 6.1 percent in that time frame.
“We are excited to add The Laurel to our multifamily portfolio, and the community’s solid bones provide an excellent base to execute our repositioning strategy,” said Sunroad Asset Management President Dan Feldman. “The Phoenix multifamily market is one of the strongest in the country, and we continue to explore more opportunities in the region.”
He added, “The Laurel is our tenth acquisition in Phoenix bringing our total count to 2,500 Class-A multifamily units in the market. We have strategically identified Phoenix as a market where we will actively continue to grow our presence.”
Founded in 1977, San Diego-based Sunroad Enterprises has developed, owned, and operated successful office, multifamily, resort, retail, land and industrial projects. Sunroad’s multifamily portfolio consists of 25 properties in eight states, totaling over 8,000 Class A apartment units.
PrivatePortfolio Group LLC has acquired and managed on behalf of affiliated entities more than 10,300 Class A apartment units, totaling $1.51 billion, spread among 29 communities in the Phoenix metropolitan region and nine in the Seattle metropolitan region.
