Colliers International in Greater Phoenix negotiated the sale of Country Brook, a 396-unit Class A apartment community at 4909 W Joshua Blvd., in Chandler, Arizona.
The seller was BAZV Country Brook, LLC, of Scottsdale, Arizona, a company formed by The Bascom Group of Irvine, California. The seller was represented by Cindy Cooke, senior executive vice president; and Brad Cooke, senior vice president, with Colliers’ Phoenix office. Bascom acquired Country Brook in 2013.
The buyer was Standard Portfolios, LLC, a private investment company in Arcadia, California. This is their first acquisition in metro Phoenix in five years.
Country Brook is a 396-unit, low-density asset on 23 acres and consists of 31 garden-style, two-story buildings and a leasing center. With 381,333 net rentable square feet, the condo-style apartments include 134 one-bedroom, 182 two-bedroom and 80 three-bedroom apartments, ranging from 695 square feet to 1,210 square feet. Current occupancy is 95 percent. The complex was built in three separate phases in 1986, 1993 and 1996.
“Country Brook provides Standard Portfolios with a superior Class A asset, with the opportunity to add value through further interior and exterior upgrades and potential rent increases,” said Cindy Cooke. “Standard Portfolios recognized the strength of the area, which offers an exceptionally strong employment base, an average median income of $90,000 within a one-mile radius, and the location of Intel across the street. Intel is one of Arizona’s largest employers, with over 11,000 employees.”
Extensive exterior renovations and repairs were completed by Bascom, including the balconies, landings, roofs, exterior painting, resurfaced parking lots, upgraded leasing center, new gas BBQs, pool enhancements, and fitness center remodel. Amenities include three resort-style pools with televisions and shade sails, gas BBQs, state-of-the-art fitness club, two whirlpool spas, picnic area and ramadas, clubhouse with business center, 804 parking spaces, and four detached garages.
Country Brook is in proximity to the Loop 101, Loop 202 and I-10 freeways, providing easy access to the Phoenix metro area. The complex is also adjacent to Desert Breeze Park, one of the largest regional parks in the Southeast Valley with a carousal, lake, tennis courts and baseball fields spanning four acres.