Condominium

ABI Multifamily negotiates 109-unit condominium property for $27 million

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ABI Multifamily announced the $27,000,000 sale of Santana Ridge Luxury Rentals, a 109-unit multifamily condominium in Chandler, Arizona.

ABI Multifamily, the leading multifamily brokerage and consulting firm in the Western United States, is pleased to announce the $27,000,000 / $247,706 per unit / $208.38 per SF sale of Santana Ridge Luxury Rentals, a 109 unit multi-family condominium property located in Chandler, Arizona.

Santana Ridge is a bulk, value-added (below-market rents), garden-style Class “A” condominium offering, consisting of 109 units of 184 total, with HOA control, currently operating as multi-family rentals. The 184 units were built in two phases. Phase I was built in 2006 and consists of 72 units. Phase II was built in 2016 and consists of 112 units. The 109 units of this offer are located in Phase II.

All units were originally built as condominiums with nine foot ceilings and include full size washer and dryer, granite countertops, stainless steel appliances, large cabinets, wide plank flooring and a private patio/balcony. Each unit is also assigned a garage and a carport. The property was built in wood frame and stucco and is equipped with an individual meter for electricity. The unit mix consists of (68) two-bedroom/two-bathroom units and (41) three-bedroom/two-bathroom units averaging approximately 1,189 square feet per unit. Deluxe community amenities include: Clubhouse with indoor/outdoor resident lounge with kitchen, two swimming pools and spa, fitness center and playground.

Santana Ridge is conveniently located with direct access to all areas of the Phoenix Valley via the San Tan Freeway (loop 202). The property is located near the Pricing Corridor where several large employers such as: Intel, Safelite, PayPal and Wells Fargo have large facilities; and the Arizona State University Research Park where the following major employers also have facilities: GoDaddy, Amazon, Edward Jones and Walgreens. Additionally, Santana Ridge is near Chandler Municipal Airport, one of the 50 busiest general aviation airports in the nation. Minutes from the community, the property is also located close to downtown Chandler which offers many restaurants, entertainment and recreational activities.

ABI Multifamily’s Phoenix-based Institutional Apartment Group – Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovick represented the seller in this transaction.

The buyer is based in Arizona and the seller is based in Canada.

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