CBRE announced the sale of the 220-unit Class A multifamily community The Core Chandler to funds managed by Oaktree Capital Management, L.P. for $65 million.
“The Core Chandler features high-end finishes and best-in-class amenities that are a signature of Sunrise Luxury Living projects,” said Pesch. “The community raised the bar for luxury apartments in the East Valley.”
Built in 2019 in the Ocotillo area of Chandler, Ariz., The Core Chandler’s amenities include a heated resort-style swimming pool and spa area with a submerged lounge/tanning pool and private poolside ramadas, outdoor entertaining kitchen with bar seating, outdoor patio with gaming courtyard and fireside retreats, elegant resident lounge with game room, demonstration kitchen with island bar seating, business center with private video conference pods, 24-hour fitness center with Technogym equipment, and pet spa and lighted bark park.
“Core Chandler fits extremely well with Oaktree’s strategy of acquiring high-quality assets in desirable submarkets like Chandler that we believe will continue to benefit from strong demographic trends and limited new supply,” said Oaktree Managing Director Jared Lazarus. “Within our strategy, we have the ability to structure acquisitions in a tax efficient manner providing very flexible solutions and benefits to existing owners of real estate properties.”
Individual residences feature 9-foot ceilings, quartz countertops, stainless steel appliances, under counter wine/beverage refrigerator, tile backsplash, washer and dryer, designer fixtures and premium light fixtures.
“The Core Chandler was designed with a resident-centric focus creating a true resort-inspired experience,” said Sunrise Luxury Living Managing Principal Bob Bussone. “Demand for luxury apartments in Phoenix is at an all-time high and we are actively pursuing more development opportunities to deliver quality, luxury multifamily communities to the region.”