CBRE announced the sale of the 389-unit multifamily community Almeria at Ocotillo in Chandler, Ariz. to a New York-based pension fund advisor.
CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of Phoenix Multifamily Institutional Properties represented the seller, Passco Companies.
Built in two phases in 2014 and 2015, Almeria at Ocotillo is a luxury apartment community featuring Santa Barbara-style architecture and resort-style amenities, including two swimming pool areas, two full resident clubhouses, two state-of-the-art fitness centers with yoga studios, pool-side open-air dining with gas barbeques, children’s playground and splash pad, and a pet park.
“This transaction is a testament to Phoenix’s strong economic fundamentals and continued population and job growth,” said Cunningham. “High quality and outperforming assets in Phoenix, like Almeria at Ocotillo, attract significant interest from investors.”
Phoenix recorded the eighth-highest rent growth out of all U.S. metros in the fourth quarter with a 4.5 percent year-over-year increase. Since 1998, Passco Companies, LLC has acquired more than $6.1 billion in multifamily and commercial real estate in the United States.