CHANDLER, Ariz. - Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: NYSE:MMI), has completed the sale and arranged financing for Alta Chandler at The Park, a 291-unit mid-rise multifamily property in Chandler, Arizona. The transaction was valued at $94.5 million, equating to approximately $324,742 per unit.
The sale, announced today, was brokered by IPA executive managing directors Steve Gebing and Cliff David who represented the seller, Wood Partners, and secured the buyer, Olympus Property. Financing for the acquisition was facilitated by IPA Capital Markets, which arranged $52 million in interest-only financing over eight years.
Alta Chandler at The Park, which opened in January 2023, has shown strong lease-up performance, averaging 24 net leases per month. The property's appeal is attributed to its location and design, which caters to high-earning professionals. It is situated within walking distance to The Park shopping center and close to Price Corridor, a significant economic hub in Arizona.
The area is a nexus for a high-tech workforce, with major employers such as Intel (NASDAQ:INTC), Northrop Grumman (NYSE:NOC), Wells Fargo (NYSE:WFC), Bank of America (NYSE:BAC), and Microchip Technology (NASDAQ:MCHP) located nearby. Additionally, the property is within a short drive from downtown Chandler and surrounded by substantial retail and dining options.
Alta Chandler at The Park offers expansive apartment interiors, including nine-foot ceilings, laundry closets, dedicated work-from-home spaces, and some units with direct access garages. Amenities include a leasing office and clubhouse, convenience market, sky lounge, fitness center, and a private multi-purpose fitness room.
This sale is part of IPA's broader strategy to provide comprehensive real estate investment and capital markets expertise. Marcus & Millichap, the parent company of IPA, is a prominent firm in the commercial real estate sector, having closed transactions totaling approximately $43.6 billion in 2023. This information is based on a press release statement.
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