CBRE has completed the sale of Biscayne Bay, a 512-unit multifamily community located at 300 E. Warner Road in Chandler, Arizona. The buyer was Scottsdale, AZ-based Everest Holdings and the seller, an entity of Seattle, WA-based PrivatePortfolio Group, was represented by Tyler Anderson, Sean Cunningham, Asher Gunter, and Matt Pesch with CBRE’s Phoenix office.
Total consideration for the transaction was $71.5 million.
“Biscayne Bay presents a tremendous opportunity to acquire a garden-style community with tremendous value-add upside and rents substantially below newly constructed communities in the Chandler submarket,” said CBRE’s Cunningham. “The community benefits from proximity to all of the Southeast Valley’s expanding employment corridors and destination retail centers.”
Built in 2000, Biscayne Bay is a garden-style community featuring all two-story buildings and a desirable low-density site plan. Community amenities include multiple swimming pools with spas, resident clubhouse, and a fully-equipped fitness center. Spacious one, two, and three-bedroom residences feature nine-foot ceilings, well-appointed kitchens with breakfast bars, walk-in closets, and full-size washer/ dryers.