IPA Represents Wood Partners in $72M Phoenix Deal
- Aug 22, 2019
Institutional Property Advisors has arranged the $71.8 million all-cash sale of Alta San Marcos, a recently completed community near Phoenix. Senior Managing Directors Steve Gebing and Cliff David represented the seller, Wood Partners, and procured the buyer, JLL Income Property Trust.
The 273-unit property, rebranded as Summit San Marcos, is located at 445 W. Chandler Blvd. within an Opportunity Zone in Chandler, Ariz., 20 miles from central Phoenix. The community is within walking distance of downtown Chandler and approximately 3 miles from Chandler Fashion Center.
The property—delivered by Wood Partners in 2018—has one-, two- and three-bedroom units with an average floorplan of 940 square feet. Community amenities include a fitness center, business center, clubhouse, swimming pool and spa. As of July, the asset was 91.9 percent occupied, per Yardi Matrix data.
In March, IPA worked with Wood Partners in their only other Phoenix disposition this year: the $52 million sale of the 225-unit Alta Midtown. Yardi Matrix shows the developer has two projects, totaling more than 500 units, under construction in the metro.
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