Country Brook Apartments, a premier 396-unit multifamily property in Southwest Chandler, AZ has sold for $109.5 million. The property is positioned in one of the nation’s most dynamic and fast-growing technology corridors within walking distance of Intel Corporation’s Chandler campus and near a collection of other impressive tech employers.
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Cindy Cooke, Brad Cooke, Chris Roach and Matt Roach in the Arizona office of Colliers handled the sales transaction. Financing for the acquisition was coordinated by Luke Donahue and Patrick O’Donnell of Colliers Mortgage.
“Country Brook’s location and design consistently outperform the market. No matter the cycle of the market, you can count on it for steady performance in rent growth and strong occupancy,” says Cindy Cooke, vice chair of Colliers. “We were honored to have been chosen as the listing broker by the seller. Country Brook always rises to the top as one of our favorite listings.”
“The seller has preserved the property with exceptional care since we sold it to them back in 2018,” says Brad Cooke, executive vice president of Colliers. “Country Brook is a core plus value-add opportunity located in an A+ location right next to Intel’s Chandler campus. This combination always leads to a strong showing of buyers and we were very pleased with the outcome. This is our second closing with the buyer and their third acquisition in Phoenix.”
“Colliers Mortgage was pleased to provide a non-recourse, full term interest only fixed rate $76.65 million acquisition loan at a 4.97% rate that was locked at signing of the purchase and sale agreement,” according to Luke Donahue, senior vice president of Colliers Mortgage. “We enjoyed providing another best in class execution and structure for one of our valued repeat Colliers clients.”
Country Brook Apartments, 4909 W. Joshua Blvd. in Chandler, is a low-density, garden style multifamily community offering ±16.5 units per acre. Built in three different phases averaging in 1992 by Evans Withycombe, the property features 32 buildings containint a total 396 apartment units with the average unit size of 963 square feet. The single- and two-story buildings are surrounded by lush, garden landscaped areas. Community amenities include three resort-style pools, two spas, poolside ramadas, alfresco kitchen with outdoor tvs, 24-hour fitness center, 24/7 access package locker and covered parking.
The low-density, timeless design of the property aligns with the contemporary aesthetic and elevated expectations of the affluent demographics of the neighborhood. The average household income within a one-mile radius of the property is ±$157,220. Higher interest rates and rising home prices in the area have made renting at Country Brook popular. The community has averaged a ±95.6% occupancy rate during the last 36 months. Country Brook is situated adjacent to the ±50-acre Desert Breeze Park, one of the largest municipal parks in the East Valley suburbs of Greater Phoenix, featuring sports fields, playgrounds, a miniature railroad, splash pads and sport courts.
South Chandler serves as a premier hub for high-tech employment including Intel Corporation, NXP Semiconductors, Northrop Grumman, Avnet, Applied Materials, Microchip Technology, ASML, Rogers Corporation and Edwards. The area is distinguished by its affluent, college-educated resident base and top ranked public schools.
