In a $37.5 million deal, Phoenix-based Alliance Residential Co. has acquired Villa Pallavicini, a 290-unit high-end rental apartment community located about two miles north of Chandler’s Price Corridor. The sales price equates to $129,310 per unit.
The seller, Gardner Real Estate Co., was represented by Steve Gebing and Cliff David, both vice presidents in Marcus & Millichap Real Estate Investment Services Inc.’s Phoenix office. The deal reflects the continuing appeal to investors of Price Corridor, the high-tech and financial services hub located less than two miles south of the property.
Developed by Gardner in 2005, Villa Pallavicini has a design inspired by the Palazzo Pallavicini Rospigliosi in Rome. The 16.9 acre-property boasts such distinctive features as grape vineyards, open-air fountains and cobblestone pathways with overhead trellises.
Located at 635 South Ellis St., Villa Pallavicini offers one-, two-, and three-bedroom units with fully equipped kitchens and breakfast bars, nine-foot ceilings, rounded archways, garden tubs and full-sized washers and dryers.
Community amenities include two resort-style swimming pools and spas, a stand-alone fitness center, bocce ball court, gated entry, garage parking, a clubhouse with a pizza oven and wine cellar, and state-of-the-art audiovisual and wireless communications.
Among companies with offices in Price Corridor are Intel, eBay, PayPal, Orbital Sciences, Amkor Technology, Isagenix, Freescale Semiconductor, Microchip Technology, Motorola, Bank of America, Wells Fargo, Toyota Financial Services and AmeriCredit.
Photo credits: Villa Pallavicini official website