Covenant Capital Buys Phoenix-Area Community for $110M

Country Brook Apartments, a 396-unit luxury community in Chandler, Ariz., has changed hands for $109.5 million or $276,515 per unit. Tennessee-based Covenant Capital Group purchased the asset from MG Properties, according to Yardi Matrix information. Colliers arranged the transaction.

In addition, Colliers Mortgage provided the buyer with a non-recourse, $76.7 million Fannie Mae loan. The permanent note has a fixed rate of 4.97 percent. The residential property previously traded for $74 million in 2018, the same data provider shows.

In the first seven months of the year, Phoenix saw $2.5 billion in multifamily investment sales, out of which $628 million registered through April, according to a recent Yardi Matrix report. Up to August, 44 properties changed hands at an average per-unit price of $276,768, slightly below the $282,878 figure recorded during the same time period in 2024.

A Chandler garden-style asset

Completed in three phases between 1986 and 1996, Country Brook Apartments is a garden-style community comprising 32 one- and two-story buildings across a 17-acre site. The apartments have one-, two- and three-bedroom layouts ranging from 695 to 1,201 square feet. Shared amenities include three resort-style pools, two spas, a 24-hour fitness center, package lockers and covered parking. During the last three years, Country Brook has averaged a 95.6 percent occupancy rate.

The property is at 4909 W. Joshua Blvd., in the tech corridor of suburban Phoenix. The community is adjacent to the 50-acre Desert Breeze Park, as well as near Interstate 10 and Arizona State Routes 202 and 101. Downtown Phoenix and the metro’s Sky Harbor International Airport are within 17 miles north.

Colliers Vice Chair Cindy Cooke, Executive Vice President Brad Cooke, together with Vice Presidents Chris Roach and Matt Roach, arranged the sale. Colliers Mortgage Senior Vice President Luke Donahue and Vice President Patrick O’Donnell led the team that sourced the financing.