Cushman & Wakefield announced today that JPI Companies has acquired a ±10.79 acre permit-ready, 283-unit multifamily development site at the northeast corner of Chandler Boulevard and McClintock Road in Chandler, Ariz. for $11.28 million, $39,859 per unit.
Cushman & Wakefield Executive Managing Directors Steven Nicoluzakis and David Fogler of the Phoenix office represented JPI Companies of Irving, Texas in the multifamily land purchase. The seller was Lennar Multifamily of Denver, Colo.
“This purchase presented a rare opportunity for JPI to acquire a permit-ready site in the heart of Chandler with the ability to start construction mid-2016,” said Steven Nicoluzakis. “This desirable location will meet the housing demand for the young, educated workforce that want to live at the center of work and play, in close proximity to dining, retail, recreation and business centers.”
With over 25 years of experience in the development and investment management of Class A multifamily assets, JPI stands as one of the most active, privately-held real estate companies in America. The company plans to start construction on the 283-unit multifamily development this year.