Alliance Residential snares 290 apartments in Chandler for $37.5 million

apartments in chandler

apartments in ChandlerChandler – A company formed by Alliance Residential Co. in Phoenix (Bruce Ward, Bob Hutt, Jay Hiemenz, et al., principals) paid $37.5 million ($129,310 per unit) to buy the 290-unit Villa Pallavinci apartments located at 635 S. Ellis Road in Chandler. The seller was Villa Pallavinci Owners LLC, a company formed by Gardner Real Estate Co. in Phoenix (Thomas Gardner, principal). The sale was brokered through Steve Gebing and Cliff David of Marcus & Millichap Real Estate Investment Services in Phoenix. Villa Pallavinci Apartments LLC (the Alliance entity) purchased the Chandler apartment project with a $27.684 million loan from BOKF (Bank of Arizona). Continue reading

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