Colliers International in Greater Phoenix completed the sale of The Fairways, a 352-unit, Class A apartment community at 777 W. Chandler Blvd., in Chandler, Arizona, for $47 million or $133,523 per unit.
The seller was BAZV Fairways LLC, of Scottsdale, Arizona, a company formed by The Bascom Group of Irvine, California. Cindy Cooke, senior executive vice president and Brad Cooke, senior vice president, of Colliers’ Phoenix office, represented the seller. The buyer was Virtú Investments, LLC, of Larkspur, California, a privately held investment company.
“The Fairways provided an opportunity for Virtú to purchase a stable Class A asset with 95 percent occupancy in a thriving submarket with strong economic drivers,” Cooke said. “The property is well-positioned for the new owner to realize significant revenue upside and increased value by continuing renovations that were started by the seller.”
A luxurious golf course property, The Fairways overlooks the historic San Marcos Golf Resort, which opened in 1913. With its highly desirable location in the heart of downtown Chandler, The Fairways is minutes from the Chandler Fashion Center, Chandler Center for the Arts, and several major employments centers. Easy access to the entire Valley is provided by its proximity to the Loop 101 and Loop 202 Freeways, which connect to the U.S. 60 and Interstate-10.
Built in two phases in 1986 and 1996, the asset consists of 36 garden-style two-story buildings and a leasing center on approximately 17.67 acres. With 339,720 net rental square feet, The Fairways offers a mix of 76 one-bedroom, 232 two-bedroom and 44 three-bedroom units, ranging from 684 square feet to 1,388 square feet.
Community amenities include a fitness center, two swimming pools, spa, clubhouse, business center, cyber café and coffee bar, covered playground and 635 parking spaces, including 192 garages. All units offer full-size washers and dryers, full breakfast bars and a private patio or balcony, with select units having vaulted ceilings, granite countertops, fireplaces and plank flooring.
