BRE announced the sale of the 300-unit Class A multifamily community Riata to EPI LP for $91 million.
CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter, Matt Pesch, and Mark McFate of Phoenix Multifamily Institutional Properties represented the seller, San Antonio, Texas-based real estate developer Embrey Partners. Martin Cohan of Marcus and Millichap and Cliff David of IPA represented the buyer.
Built in 2020, Riata features resort-inspired amenities, including a two-story clubhouse with billiards table, arcade games and a dedicated business center. The fully equipped club-style gym includes a separate yoga and fitness studio with spin bikes. Riata’s pool and spa area features a fire pit plus covered seating and open sun decks.
“Riata represents the best of Embrey’s ongoing dedication to design, detail, craftsmanship and creating places where people want to be,” said Embrey Chief Investment Officer Garrett Karam. “We matched Chandler’s desire for high-end Class A multifamily with market need, and resident demand followed. We are excited for EPI in this acquisition and believe Riata will provide stable growth over the long term.”
The multifamily vacancy rate in Chandler decreased 30 basis points year-over-year to 3.3 percent in third quarter 2020, the lowest rate on record going back to 1995, according to CBRE Econometric Advisors.
“Embrey Partners is a premier developer and they delivered a best-in-class community,” said CBRE’s Gunter. “Phoenix is a top-performing market nationally. Riata presented an excellent opportunity to acquire one of the best luxury multifamily communities in the Southeast Valley.”
Riata is adjacent to Chandler Fashion Center, a 1.3 million square feet super regional mall, and the community is situated at the gateway to the Price Road Corridor in Chandler, the hub of Phoenix’s high-tech manufacturing and financial services employment.