Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Elevation Chandler, a boutique, 163-unit apartment complex in Chandler, Arizona. The property traded for $56.15 million, or $344,479 per unit.

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“Chandler’s outlook is exceedingly bright given its already impressive average annual household income of $112,500 and median annual household income of $83,300,” said IPA executive managing director Steve Gebing. “The Chandler area has experienced a 34% increase in the number of new businesses over the past five years complementing its accelerating downtown resurgence.” Gebing and IPA executive managing director Cliff David represented the seller, Olympus Property and procured the buyer, Sares Regis Group.

The property’s central Price Corridor location places it in proximity to Fortune 1000 companies such as Intel, Northrop Grumman, General Motors, UnitedHealth Group, Microchip Technologies, and CVS Health. The nearby Loop 202 and 101 freeways provides residents convenient access to the West Chandler and Chandler Airpark employment corridors, and nearby shopping at Chandler Village Center, Chandler Fashion Center Chandler Festival, and the Raintree Ranch Center.

Constructed in 2014, apartments at Elevation Chandler have nine-foot ceilings, euro-style cabinetry, pendant and track lighting, tile backsplashes, and breakfast bars. The controlled-access gated community’s amenities include a resort-style pool and spa with poolside loungers, televisions, and an outdoor fireplace lounge.