JV Buys 240-Unit AZ Community
- Mar 13, 2018
Continental Realty Advisors Ltd., in partnership with New York-based GTIS Partners, has acquired San Palmas at Mission Park, a 240-unit apartment property in Chandler, Ariz. Originally built by Mark Taylor Residential in 1998, the garden-style community is on almost 14 acres at 1111 N. Mission Park Boulevard, close to Chandler Fashion Center.
San Palmas at Mission Park is the second joint venture between CRA and GTIS Partners, following the acquisition of Canyon Reserve in Denver last summer.
The property includes 30 two-story buildings with various amenities, including controlled access, a clubhouse, fitness center, volleyball court and swimming pool. The partnership plans to renovate the one-, two- and three-bedroom units, and update the property’s amenities.
Chandler Submarket on Growth Trajectory
“San Palmas is strategically located in the pathway of demand within the Chandler submarket,” CRA Chairman David Snyder said. “This is another strong addition to our multifamily investment portfolio.”
The average rent for an apartment in Chandler is $1,159 as of this month, a 6 percent increase compared to a year ago, according to RentCafe. Studio apartments in Chandler rent for $756 a month, while one-bedroom units command on average $1,026 a month; the average rent for a two-bedroom apartment is $1,219.