Source: Marcus & Millichap / #Apartments #Multifamily
CHANDLER, AZ - Marcus & Millichap announced its Institutional Property Advisors (IPA) division closed the sale of The Met at Fashion Center, a three-building, 303-unit multifamily investment property in Chandler, Arizona. The property sold for $64.8 million, which equates to $213,861 per unit.
“The Met at Fashion Center’s location is ideal for professionals delaying home purchases to live in urban settings where they can work and socialize within a short distance of home,” said IPA’s Steve Gebing. “Despite above average household incomes of more than $96,000 in the area, residents of Chandler living within a one-mile radius of The Met at Fashion Center face single-family home prices that are 59 percent higher than the city of Phoenix average.”
Gebing and Cliff David, also with IPA, represented the sellers, HCW Development and the Statesman Group, and procured the buyer, an institutional investment manager.
Built in 2016, The Met at Fashion Center is adjacent to the Chandler Fashion Center, a 1.3 million-square-foot super regional shopping mall. The location provides immediate access to the Price Corridor, which accounts for nearly one-third of the city’s total employment base. Chandler Regional Medical Center is three miles away, and Downtown Chandler is within four miles.