Bascom Sells Chandler Multifamily Asset to Standard Portfolios
- Mar 04, 2016
Chandler, Ariz.–Country Brook Apartments was recently acquired by Standard Portfolios, an Arcadia, Calif.-based investment company. This is the entity’s first acquisition in the MSA in about five years. The seller was a Bascom Group-controlled LLC that was represented by Cindy Cooke, senior executive vice president, and Brad Cooke, senior vice president, both with Colliers International’s Phoenix office.
Located at 4909 W Joshua Blvd. in Chandler, the 396-unit apartment community occupies 23 acres and was built in phases between 1986 and 1996. Roughly 381,333 square feet of net rentable space divided between 134 one-bedroom, 182 two-bedroom and 80 three-bedroom units, with sizes ranging between 695 and 1,210 square feet. The units are grouped in 31 garden-style, two-story buildings that are now 95 percent occupied. Country Brook offers residents easy access to main transit lines such as Loop 101, Loop 202, and the I-10, as well as proximity to Desert Breeze Park.
Bascom recently carried out an extensive renovation program including improvements and repairs to the balconies, landings, roofs, parking lots, leasing center, pool, and gym. Residents at Country Brook are given access to an amenity package that includes three resort-style pools, with TVs and shade sails, BBQs, whirlpool spas, picnic area and ramadas, clubhouse, business center, 804 parking spaces, and four detached garages.