Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to announce the sale of Vive, 194-unit luxury apartment community in Chandler, Ariz. The $41.5 million sales price equates to $214,000 per unit.
“Vive is an ultra-luxurious, Class ‘AA’ apartment community with sophisticated, best-in-class amenities,” says Steve Gebing, IPA senior director. “Completed in 2014 by P.B. Bell, one of Arizona’s most renowned and celebrated developers, the property is a superior destination for luxurious apartment living in the Price Corridor of Chandler, an ever-growing tech oasis of the Silicon Desert.”
Gebing and Cliff David, a senior director of Marcus & Millichap’s National Multi Housing Group in Phoenix, represented the seller and procured the buyer, Olympus Property.
The property is located 1901 West Germann Road in Chandler, near the Price Road Corridor, which is home to more than 32,000 employees. The average annual household income within a one-mile radius is $109,000.
Vive’s apartment homes feature nine-foot ceilings, oversized cabinetry, granite countertops, tile backsplashes, breakfast bars, and private laundry areas with full-size washers and dryers, among many other top-flight appointments. Community amenities include a luminous, resort-inspired swimming pool and spa, a 24-hour fitness facility, a cinema room with surround sound, outdoor fireplaces with conversation seating, 24-hour controlled-access gated entry, and a private clubhouse.