Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) announced the sale of Pinnacle Terrace, a 300-unit multifamily asset in Chandler, Arizona. The $56 million sales price represents $186,667 per unit.
“Strong economic fundamentals in Chandler’s largest employment hub, the Price Corridor, which accounts for nearly one-third of the city’s total employment base, are creating operational momentum for the submarket’s multifamily assets,” says Steve Gebing, senior managing director. “Pinnacle Terrace’s new owners are in an excellent position to increase revenue by complimenting recent enhancements to the leasing office, clubhouse, and fitness center with strategic interior upgrades.”
Gebing, and Cliff David, senior managing director, represented the seller, TA Realty, and procured the buyer, an institutional investment manager.
Completed in 1998 on just under two acres, the property is located at 801 North Federal St. in Chandler. The West Chandler Corridor, Arizona State University Research Park, and the Discovery Business Campus are within two miles. The Chandler Fashion Center, a 1.3-million-square-foot super-regional mall is one mile south of the property.
Pinnacle Terrace is a gated community with a porte-cochére entryway, reserved covered parking, and detached garages.