Seattle investor pays $65 million ($169,713 per unit) for Chandler apartments

Chandler apartments

Business Real Estate Weekly by Rose Law Group

Chandler – Pillar Communities LLC in Seattle, Wa. (Jim Almon, principal) paid $65 million ($169,713 per unit) to buy the 383-unit Parcland Crossing Chandler apartments located just south of the 202 Freeway at the northeast corner of Willis and Alma School roads. The seller was Alma School Apartments LLC, a joint venture formed by Mark-Taylor Inc. in Scottsdale (Jeff Mark, Scott Taylor, principals) and Kitchell Development Corp. in Phoenix (Jeff Allen, pres.). The deal was brokered by Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE in Phoenix. Parcland Crossing, located at 800 W. Willis Road, was completed in 2013 and was 93 percent occupied at closing. Maricopa County records show Parcland Crossing Apartments LLC (Pillar Communities entity) acquired Parcland Crossing with a $42 million loan from Sun Life Assurance Co. of Canada. Continued

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