Sunroad Enterprises Buys Phoenix Property for $84M
The new owner financed the acquisition of the 346-unit property in Chandler with a $73.3 million loan from Prime Finance Partners.
PrivatePortfolio Group has sold Pillar at Taviano in Chandler, Ariz., for $84 million, according to public records. Sunroad Enterprises received $73.3 million from Prime Finance Partners to finance the acquisition of the 346-unit community.
The acquisition brings the buyer’s footprint in the Phoenix metro to nearly 1,400 units. Pillar at Taviano previously traded in 2003, when Trammell Crow Residential sold the asset for $28.7 million, Yardi Matrix shows.
Located at 875 W. Pecos Road, the gated community is 3 miles from several retail and dining options at the Apple Chandler Fashion Center, some 23 miles southeast of downtown Phoenix. Completed in 2002, the property comprises one-, two- and three-bedroom apartments in 25 three-story buildings. Common-area amenities include three pools, a basketball court, a spa and a fitness center.
In addition to multifamily acquisitions, Sunroad has long been an active developer in the region. The firm is currently working on the 442-unit Vive Lux, the fifth-largest multifamily project underway in San Diego. Pacific Coast Capital Partners is backing the development with $145 million in construction financing.