Colliers International in Greater Phoenix completed the sale of the 374-unit Crosswinds Apartment Homes at 868 S. Arizona Ave., in Chandler, AZ, for $22 million or approximately $58,824 per unit.
Cindy Cooke, senior executive vice president; and Brad Cooke, senior vice president, with Colliers’ Phoenix office, represented the sellers, P.B. Bell of Scottsdale, Ariz.; and Stonecutter Capital Management LLC of New York, N.Y., who originally acquired the asset in 2014.
The buyer, who was self-represented, was Emma Capital Investments Inc., of Toronto, Canada, who specializes in the financing, acquisition and operation of multifamily residential complexes, particularly in the Sun Belt states in the U.S. Emma Capital’s portfolio consists of more than $175 million of property and approximately 3,000 units in the metro Phoenix, Atlanta and Charlotte markets.
“Crosswinds is in the middle of a high-growth path between downtown Chandler and Chandler Airpark, “said Cindy Cooke. “The community is perfectly positioned on Arizona Avenue, just north of the Loop 202 freeway, and surrounded by luxury apartment communities, driving rents higher.”
“This is one of the strongest markets for new businesses in Arizona, with numerous corporate campuses and large business parks opening or expanding within minutes of Crosswinds.” said Brad Cooke.
Built in 1986, Crosswinds is a 374-unit, Class B, garden-style apartment community with 17 two-story buildings set on approximately 10.94 acres. The property consists of 147,556 net rentable square feet with 120 studio, 248 one-bedroom and six two-bedroom units, ranging from 327 to 836 square feet. Common area amenities include a resort-style pool and spa, fitness center, tennis and basketball courts, 24-hour laundry facilities, playground, barbeques, picnic areas and covered parking.
Crosswinds is in an area of robust growth with an ever-expanding job market. The community is strategically located less than one mile south of downtown Chandler, one-half mile from the Loop 202 freeway and just east of the Loop 101 / Price Road corridor, providing easy access to the entire metro area.