Passco Buys Suburban Phoenix Community for $80M
The nearly 400 units are located in one of the metro area's most desirable submarkets.
By Dees Stribling
Chandler, Ariz.—Passco Cos. has acquired Almeria at Ocotillo, a 389-unit multifamily community in the Phoenix suburb of Chandler. The property, for which Passco paid $80 million, is in the Ocotillo master-planned community.
P.B. Bell developed Almeria at Ocotillo, which is at 2470 and 2471 W. Edgewater, in two phases. The North Phase, featuring 194 units, was completed in 2015, while the South Phase, featuring 195 units, was completed in 2014.
The property features an infinity pool with day beds overlooking the Ocotillo Lake, a second resort-style pool, a lap pool, two spas and a fitness center. Other amenities include an outdoor kitchen, electric car charging stations and a clubhouse equipped with pool tables.
“Chandler is one of the most desirable submarkets in the Phoenix metro,” asserted Gary Goodman, senior vice president of acquisitions for Passco. Among other things, “the greater Chandler area is home to the largest concentration of tech jobs in all of Arizona,” he said.
The 1,900-acre Ocotillo master-planned community includes 167 acres of man-made lakes, a golf course, retail, other commercial space, as well as single-family and multifamily residential communities. In the Almeria at Ocotillo deal, Sean Cunningham at CBRE represented both the buyer and the seller, P.B. Bell.