Acacia Capital Acquires Phoenix Community for $96M
CBRE represented the seller in its disposition of the 272-unit property.
Arrive Ocotillo. Image courtesy of CBRE
Arrive Ocotillo, an apartment community in Chandler, Ariz., has been acquired by Acacia Capital Corp. for $95.7 million. It was 97.4 percent occupied at time of sale. CBRE’s Phoenix Multifamily Institutional Properties represented the seller, an affiliate of private equity real estate firm FPA Multifamily LLC.
Located at 825 W. Queen Creek Road, the two-story, 272-unit multifamily community was built in 1998 and features frame construction. Renters have a choice of one-, two- or three-bedroom residences measuring from 736 to 1,184 square feet in size. Apartments include in-unit washer-dryers, above-average ceiling heights, microwave ovens and high-speed Internet access. Fireplaces are available in all but the smallest units. A pair of updated pool areas with cabanas and barbecues are among the amenities offered.
Rising rents
Average multifamily rent for the Phoenix metropolitan areas reflects the surge in area population. Average rent soared 15.3 percent year over year in the second quarter. That is the strongest rent growth of any U.S. metro, according to CBRE research. Yearly rent growth in the Chandler submarket surpassed 19 percent in Q2 2021. Submarket occupancy increased 70 basis points year over year to 96.5 percent.
Arrive Ocotillo residents benefit from easy access to a variety of conveniences. Three shopping centers—Ocotillo Fiesta, The Falls at Ocotillo and Ocotillo Plaza— are from 0.4 to 0.7 miles away, and are walkable within 8 to 14 minutes. Parks and recreation in the area include Pecos Park, i.d.e.a Museum, Riparian Preserve at Water Ranch and South Mountain Park, all accessible in drives of from 20 to 24 minutes.
Last week, CBRE Institutional Partners arranged acquisition financing for the purchase of La Maison River Oaks apartment community by Madera Residential.
