JLL Income Property Trust has acquired a newly developed, 273-unit luxury community in downtown Chandler, Ariz. Wood Partners sold Summit at San Marcos for $72 million. The property traded for the first time since its completion earlier this year.
Summit at San Marcos is located at 445 W. Chandler Blvd., adjacent to the San Marcos Golf Course. The community comprises 185 one-bedroom and 71 two-bedroom units, as well as 17 three-bedroom penthouses. Floorplans range in size from 788 to 1,570 square feet. A wide variety of amenities are available, including a clubhouse with demonstration kitchen, fire pits, a fitness center, a tech café and private cabanas. According to Yardi Matrix, Summit at San Marcos is 93 percent occupied, with monthly rents averaging $1,577.
The community is near several major thoroughfares, such as Chandler Boulevard and Arizona Avenue. The area offers several restaurants, shopping centers and entertainment venues, including the Chandler Center for the Arts, a Walmart Supercenter and Chandler Fashion Center. Loop 101 and 202 are both situated within minutes from the property, providing access to Greater Phoenix and large employers such as Intel, Wells Fargo, PayPal, JPMorgan Chase and Verizon, among others.
JLL Income Property Trust has recently acquired an $82 million community in metro Seattle. The NAV REIT currently has an aggregate apartment allocation of $900 million, comprising 3,400 units, according to Allan Swaringen, president & CEO of JLL Income Property Trust.