Phoenix Apartments Command $69M
- Jul 12, 2019
Developer JPI has sold Jefferson Chandler, a 283-unit luxury community near Phoenix, for $69.3 million to Lurin Capital, according to Yardi Matrix. CBRE Capital Markets provided the buyer with $43 million in Fannie Mae acquisition financing.
The property opened its doors last summer, following approximately two years of construction work. The developer financed the project with a $36.4 million loan from Great Western Bank.
Located at 3950 W. Chandler Blvd. in Chandler, Ariz., the property’s eight buildings are next door to a Staybridge Suites, some 15 miles southeast of downtown Phoenix and 2 miles from the rapidly expanding Price Road office corridor. Another recently delivered multifamily asset, the 306-unit Town Commons 8 miles to the east, changed hands in a $74 million deal in June.
Jefferson Chandler’s unit mix includes one-, two- and three-bedroom apartments, ranging from 569 to 1,372 square feet. Among the property’s amenities are a fitness center, swimming pool, putting green and dog park. Garage parking is available for an additional monthly fee. In May, the asset was 94.7 percent occupied, according to Yardi Matrix.
The metro continues to be a capital magnet, drawing investors with average rent growth of 9.1 percent year-over-year through June, per Yardi Matrix data. Nearly $3.7 billion in multifamily deals closed in the first half of the year, more than 40 percent above the volume during the same timeframe in 2018.