An investment group managed by Atlantic Development recently purchased a 7 acre site in Chandler zoned for apartments. It is located East of the Northeast corner of Arizona Avenue & Ray Road.
The site was approved for 27 du/ac, 3 stories and 192 units. Johnson Bank was the seller in this transaction and foreclosed on the subject property in 2013.
During the banks ownership the site was rezoned in Chandler from Industrial to Multi-Family. Atlantic Development purchased the site for investment and is considering building the approved product. The Buyer purchased the entire site for $1,500,000 ($214,258/acre or $7,812/door).