On behalf of San Francisco-based Fowler Property Acquisitions, LLC, Cushman & Wakefield recently negotiated the purchase of Ocotillo Springs, a 272-unit community located at 825 West Queen Creek Road in Chandler, Ariz., for $40.5 million.
Cushman & Wakefield Executive Managing Directors David Fogler and Steven Nicoluzakis of the Phoenix office represented the buyer. The seller was Ocotillo Springs Associates, LLC (Crown Realty & Development, Inc.) of Cost Mesa, Calif.
“The buyer was attracted to the asset because of the quality of the property, the value-add potential and the dynamic job growth in the Chandler submarket,” said Nicoluzakis.
Built in 1998, Ocotillo Springs offers newly renovated one-, two- and three-bedroom floor plans that are equipped with deluxe kitchens, living spaces, washers and dryers and private patios. The 18-acre waterfront property includes swimming pools and spas, water features and ponds, trails and a state-of-the-art fitness center. In addition, the lifestyle community is within easy access to the AZ Loop 202 and minutes from the Phoenix Sky Harbor International Airport.