Canadian Investor Buys $46M Phoenix-Area Asset
- May 23, 2018
Autumn Creek, a 360-unit community in Chandler, Ariz., has traded for $45.5 million. An affiliate of PEM Real Estate Group sold the property to a Canadian investor. Berkadia facilitated the transaction on behalf of PEM, after the company held on to it for more than 10 years.
According to Yardi Matrix, PEM Real Estate acquired the asset in a 2007 portfolio deal, for the price of $32 million. The community is located at 1320 N. McQueen Road, a major artery which allows for quick transit toward other parts of the Phoenix metro area, including nearby dining and shopping on Warner Road and Arizona Avenue. Chandler Municipal Airport is approximately five miles away.
Strong rental market
Autumn Creek comprises 56 studios, 96 one-bedroom and 208 two-bedroom units, ranging from 476 to 865 square feet. Common-area amenities include a fitness center, clubhouse, tennis, volleyball and basketball courts, a playground, three swimming pools and three spas. The 1985-built community is poised for renovations. Current monthly rents at Autumn Creek average $828, according to Yardi Matrix data.
“Chandler is a strong rental market and Autumn Creek is well-positioned to benefit from the market’s multiple demand generators and future growth,” said Mark Forrester, senior managing director at Berkadia, in a prepared statement.
Forrester, together with Senior Managing Director Ric Holway and Senior Director Dan Cheyne of Berkadia’s Phoenix office represented the seller.
Photo courtesy of Yardi Matrix