The P.B. Bell Cos. has sold Alante at the Islands, a 320-unit Class A multifamily asset near Phoenix, to CWS Capital Partners for $59.6 million, per Yardi Matrix data. The buyer financed the acquisition with a $39.3 million Freddie Mac mortgage originated by Walker & Dunlop. The loan matures in 2029.
Located at 2222 N. McQueen Road in Chandler, the community’s 29 two-story buildings are situated approximately 22 miles from downtown Phoenix. The property is a short distance from the Warner Road retail corridor and is roughly a mile from local public transportation.
The community includes a mix of one-, two- and three-bedroom apartments, with floorplans between 880 and 1,325 square feet. Amenities include a fitness center, a business center, three swimming pools and a playground. As of January, the asset was 94.4 percent occupied, slightly behind the submarket average of 95.6 percent, according to Yardi Matrix.
P.B. Bell recently traded another asset in the market, a 460-unit Class B asset 1 mile west of Alante, in a $70 million transaction. The buyer financed the acquisition with a Fannie Mae line of credit from Wells Fargo.
Image courtesy of Yardi Matrix