IPA Facilitates $65M Phoenix-Area Transaction
- Apr 23, 2018
The Met at Fashion Center, a 303-unit community in Chandler, Ariz., has changed hands for $64.8 million, in a deal brokered by Institutional Property Advisors. HCW Development and the Statesman Group were the sellers. The buyer, Eaton Vance Investment Managers, assumed the $39.4 million outstanding balance of a Fannie Mae loan originated in 2016, according to Yardi Matrix.
The Met at Fashion Center, completed in 2016, is situated at 1 N. Hearthstone Way, next to Chandler Fashion Center. The community comprises 172 one-bedroom and 131 two-bedroom units, ranging from 680 to 1,020 square feet in size. Amenities include:
- fitness center
- business center
- volleyball court
- two swimming pools
- 458 parking spaces
In addition to its proximity to the 1.3 million-square-foot Chandler Fashion Center, the community is also near Loop 101 and 202, which provide easy access to the Phoenix metro area. Other points of interest include the many bars and restaurants along Chandler Boulevard, the Price Corridor and its many employers and the Chandler Regional Medical Center.
“Despite above average household incomes of more than $96,000 in the area, residents of Chandler living within a one-mile radius of The Met at Fashion Center face single-family home prices that are 59 percent higher than the city of Phoenix average,” said Steve Gebing, senior managing director at IPA, in a prepared statement.
Most recently, IPA was responsible for facilitating the $317 million sale of a Texas multifamily portfolio, which closed within the first two months of this year.
Image courtesy of Yardi Matrix