Capital Real Estate purchased a 203-unit Chandler apartment complex for $28.75 million from Stratford Partners, according to Institutional Property Advisors (IPA), a division of Marcus & Millichap.
Palm Trails Apartments were built in 2002 by CMH Corp., and is located at 235 E. Ray Rd., in Chandler. The price for the apartment community equates to $141,626 per unit.
Steve Gebing and Cliff David, a senior director of Marcus & Millichap’s National Multi Housing Group in Phoenix, represented the seller, Stratford Partners and procured the buyer, Capital Real Estate.
The apartment community is located near Downtown Chandler, and many of the employment centers in the area such as the Airpark Area, a 220-acre master-planned development at the Chandler Airport Center, and the Price Corridor, a 1,442-acre employment center.
“During the past year, the seller, Stratford Partners, completed a full modernization of the common areas and amenities which, along with proactive management, resulted in significant operational momentum at the property,” says Steve Gebing, IPA senior director. “Strong market support coupled with the asset’s positioning within the submarket’s competitive landscape make Palm Trails a prime candidate for the implementation of a strategic interior renovation program.”
