A joint venture of PCCP and F&B Capital has acquired District at Chandler, a newly developed, 340-unit Class A multifamily asset located at 2222 West Frye Road in Chandler, AZ.
The District at Chandler is a newly built, elevator served multifamily project that is located one-mile from the Loop 101 and 202 freeways, two primary arteries serving the Southeast Valley, and is adjacent to the Price Road Corridor, Chandler’s largest employment center. The property includes one- and two-bedroom units and a resort-style pool, clubhouse with a co-working area, outdoor pavilion with a BBQ grill, fitness center with spin studio, dog park, bike storage, game room, and various concierge services.
“We firmly believe in the Phoenix growth story and are thrilled to increase our holdings in the market with a top-tier partner like F&B Capital,” said Tina Ramos, Vice President with PCCP. “We are looking forward to drafting off strong leasing momentum in the submarket and implementing a successful leasing program to stabilize this asset.”
Chandler is one of Phoenix’s top suburban submarkets and saw cumulative rent growth of 4.5% in 2020 through mid-October, according to CoStar. The Phoenix economy has been particularly resilient during the current downturn, with the region recording the lowest unemployment of all major markets and seeing the lowest year-over-year decline in employment as of Q3 2020. The strong job market, low cost of living relative to coastal markets, and dwindling single-family home development are contributors to tight fundamentals of the Phoenix multifamily market.
Austin, TX-based F&B Capital is a real estate investment firm that specializes in the acquisition and redevelopment of multifamily projects. F&B has acquired over 15,000 units since 2010 and currently owns over 50 assets with a market value greater than $1.5 billion. District at Chandler will be managed by RPM (Roscoe Property Management), an affiliate of F&B Capital. RPM is a national leader in multifamily property management with over 49,000 units under management in Arizona, Florida, Colorado and Texas.