Avesta Enters AZ Market With $58M Acquisition
- Jan 05, 2018
Avesta Communities has purchased a 320-unit apartment community in Chandler, Ariz. According to Yardi Matrix, Coronado Crossing traded for $57.7 million, paid in cash. The acquisition marks the company’s first investment in the state, bringing the total equity deployed by Avesta in 2017 to more than $119 million.
The 40-building property sits on approximately 20 acres, in Chandler’s Price Corridor, at 700 N. Coronado St. Coronado Crossing comprises 113 one-bedroom, 160 two-bedroom and 48 three-bedroom units, which range in size from 775 to 1,230 square feet. Avesta plans to fully renovate all units, with upgrades to interiors and exteriors alike. Common area amenities include:
- Fitness center
- Business center
- Two swimming pools
- Two spas
- Covered parking
“Coronado Crossing represents another great opportunity for Avesta to continue to add value and diversification for our investors. We are making improvements to the community while enhancing the service to residents,” said Joe Facchini, partner at Avesta, in a prepared statement.
The area known as the Price Corridor is growing. Intel announced a future, $7 billion investment in Chandler, which is expected to create around 3,000 jobs and provide a boost to the city’s economy. The community is close to many potential employers, across multiple industries, such as life sciences, high-tech research and manufacturing, aerospace and business services.
Coronado Crossing is situated near multiple social hubs, such as the Chandler Fashion Center, with its plethora of shops. Multiple dining options are available along Chandler Boulevard. Several schools and parks are located nearby, along with the Chandler Regional Medical Center. Phoenix Sky Harbor International Airport is about 20 minutes away, while downtown Phoenix can be reached in 25 minutes.
“Arizona is a great market and the city of Chandler has tremendous potential for growth. We look forward to serving the citizens of Chandler and helping residents of Coronado Crossing live abundantly,” said Luke Kline, director of acquisitions, in prepared remarks.
Recently, Avesta Communities breached another market, by acquiring a 276-unit apartment community in Westminster, Colo.
Image courtesy of Avesta Communities