Exclusive: Sares Regis Sells Phoenix Property for $46M
The community traded at an 18 percent loss compared to its previous sale.
Sares Regis Group has sold Monument, a 163-unit community in Chandler, Ariz., for $46 million or $282,208 per unit, according to Yardi Matrix information. A private individual purchased the asset using a $24.6 million acquisition loan issued by NorthMarq Capital, the same source shows.
Monument had been under Sares Regis ownership since 2021, when the company bought it from Olympus Property for $56.2 million, or $344,478 per unit. The current sale positioned the asset at an approximate 18 percent loss.
Monument came online in 2014 at 2300 W Pecos Road, 23 miles southeast of downtown Phoenix. The community features five two- and three-story buildings across a 6-acre site, enclosing 105 one-bedroom and 58 two-bedroom apartments with layouts ranging between 676 and 1,075 square feet, Yardi Matrix data shows. Shared amenities include a fitness center, business center, clubhouse, swimming pool, spa and grade-level parking with 273 spots.
Near the interchange between Arizona State routes 202 and 101, the property is within a 1-mile radius of the Chandler Regional Medical Center Emergency Room, as well as several shopping centers that feature Walmart Supercenter, Whole Foods Market, Macy’s, Costco Wholesale and T.J.MAXX.
Phoenix market shows mixed signals
In the first three quarters of the year, Phoenix saw $3.3 billion in multifamily investment sales, with 60 properties trading at an average per-unit price of $270,114, Yardi Matrix data shows. While this year’s investment figure is higher than last year’s ($3.0 billion), the per-unit price was slightly higher in 2024, at $283,424, with 52 assets changing hands in the first nine months.
Despite higher overall sales volume this year, the drop in the price per unit reflects the challenges Phoenix’s multifamily market is facing due to robust supply growth, which also affected the rent performance during the past year. Average advertised asking rents in the metro decreased 2.7 percent year-over-year to $1,553 in July, according to a recent Yardi Matrix metro report. The average occupancy rate dropped 20 basis points year-over-year, to 93.1 percent through June.
