Cushman & Wakefield, a global leader in commercial real estate services, announced today the $28.7 million sale of Elevation Chandler, a recently constructed apartment property at 2300 W. Pecos Rd. in Chandler, Ariz.
The 163-unit development was built in 2014 and sold for $176,074 per unit. RVP Apartments, LP (Vedura Residential, Bruce Hart, Paul Fannin, and Jason O’Clair, Principals), sold the multi-family project to WW Elevation, LLC (Olympus Property, Chandler, and Anthony Wonderly, Principals).
Cushman & Wakefield Executive Managing Directors David Fogler and Steven Nicoluzakis handled the sale transaction.
Elevation Chandler contains a variety of one- and two-bedroom units offering prestigious finishes such as granite counter tops and Euro-style cabinets, as well as some units featuring attached garages. The development provides residents with an open-air clubhouse, outdoor kitchen, and state-of-the-art fitness center.
“This asset attracted strong buyer attention because of its proximity to Chandler Fashion Center and the Price Road Corridor, which is home to some of the biggest name employers in the Phoenix area,” said Fogler. “In addition, as a newer development, Elevation Chandler meets the demands of today’s high-end apartment renter who seek lifestyle features typical of luxury home communities.”
The successful merger of Cushman & Wakefield and DTZ closed September 1, 2015. The firm now operates under the iconic Cushman & Wakefield brand and has a new visual identity and logo that position the firm for the future and reflect its trusted global legacy and wider history. The new Cushman & Wakefield is led by Chairman & Chief Executive Officer Brett White and Global President Tod Lickerman. The company is majority owned by an investor group led by TPG, PAG, and OTPP.