Oregon investment firm purchases Chandler multi-family community
Cassidy Turley has announced the sale of Pinnacle Queen Creek, a Class “A” apartment community located at 800 W. Queen Creek Road. Oregon Pacific Investment and Development Company purchased the 252 unit garden style apartment community for $33.3 million ($132,143 per unit). The seller was Pinnacle at Queen Creek, LLC, a company controlled by The Northwestern Mutual Life Insurance Company of Milwaukee and Essex Property Trust of Palo Alto, California.
Cassidy Turley Executive Managing Directors David Fogler and Steven Nicoluzakis negotiated the transaction on behalf of the seller.
“Pinnacle Queen Creek is a best-in-class example of a suburban multi-family community in one of the Valley’s top submarkets, Chandler,” said Mr. Fogler. “It’s proximity to major employers and amenities, along with its exceptional design and amenities, made it a highly desirable acquisition for an investor.”
Pinnacle at Queen Creek was built in 1999 and includes one, two and three bedroom units in two story buildings. The low-density complex, at less than 15 units per acre, includes a gated entry, attached and detached garages, community swimming pool, fitness center, movie theatre and clubhouse. The units range in size from767 to 1,262 square feet. All of the units have washers and dryers, and a portion of the units featured upgraded interiors.