Sunroad Enterprises Closes $125M Phoenix Buy
The rebranded community traded with the assistance of a LoanCore Capital acquisition financing.
Sunroad Enterprises has acquired Parcland Crossing, a 383-unit Class A property in Chandler, Ariz., for $125 million. CBRE represented the seller, PrivatePortfolio Group. The new owner rebranded the community as The Laurel Apartments.
According to Maricopa County records, LoanCore Capital provided a $105.5 million acquisition loan to facilitate the transaction.
Located at 800 W. Willis Road, the property was completed in 2012. The 23-building community features two swimming pools, a fitness center, a clubhouse, a business center and a playground. The two- and three-story buildings feature one- to three-bedroom apartments, with floorplans ranging between 673 and 1,400 square feet.
The Laurel is in the vicinity of Banner Ocotillo Medical Center. The property places residents less than a mile away from the Pecos Ranch Park and the South Alma School Road retail corridor. Downtown Phoenix is approximately 23 miles northwest.
CBRE’s Phoenix Multifamily Institutional Properties team included Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch.
The transaction marks the buyer’s tenth acquisition in the Phoenix market. Last November, Sunroad acquired another community from PrivatePortfolio Group. The 346-unit property is just across the Santan Freeway from The Laurel.