Chandler Multifamily Community Sold by Bascom Affiliate

By Alex Girda, Associate Editor

Phoenix– A Bascom Group-controlled entity recently sold a Phoenix-area apartment community for $47 million. BAZV Fairways sold The Fairways in Chandler to Larkspur, Calif.-based Virtú Investments in a deal brokered by Colliers International. The Colliers team consisted of Senior Executive Vice President Cindy Cooke, and Senior Vice President Brad Cooke. The Bascom Group acquired the property for $35.2 million in March 2013.

The Fairways

Located at 777 W. Chandler Blvd. in Chandler, the 352-unit community was built in two phases in 1986 and 1996. The Fairways community offers roughly 340,000 square feet of rentable square feet divided between 36 garden-style two-story buildings and a leasing center. The property occupies a 17.67-acre plot of land, in proximity to the Loop 101 and Loop 202 Freeways, that facilitate access to the entire Valley.

Residents at The Fairways have access to an amenity package that includes two swimming pools, a spa, clubhouse, fitness center, cyber café and coffee bar, covered playground, 635 parking spaces, and 192 garages. The unit mix consists of 76 one-bedroom, 232 two-bedroom and 44 three-bedroom units, with an average size of around 965 square feet. According to real estate data provider Yardi Matrix, the average rent paid for a unit at the property stands at $1,012.