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Value-Add and Infill Location Are Rarities in Chandler
The value-add opportunity of Crosswinds and its infill location near downtown Chandler are difficult combinations to find in today’s market, says Brad Cooke with Colliers Arizona. The multifamily community located at 868 S. Arizona Ave. recently sold for $54.25 million. Moreover, the 374-unit property offers its Los Angeles buyer, Tides Equities, the opportunity to modernize the property and increase its value.
“The activity that was created just from sending out a coming soon blast to our proprietary database was record-setting,” says Cooke. “It became evident very early that Tides’ offer and track record were strong enough to make the decision easy for our seller.”
Cooke, Cindy Cooke, Matt Roach and Chris Roach of Colliers Arizona handled the sale transaction. Tides purchased the property from Emma Capital Investments of Toronto.
Crosswinds is near the Loop 202 freeway from its location at Arizona Avenue and Main Street. The area features numerous retail, entertainment, outdoor venues and key employers. In addition, the property is 15 minutes from the ASU Polytechnic Campus and five minutes from UA Chandler.
Built in 1986, Crosswinds was 95% leased at the time of sale. The property includes 17 residential buildings situated on 10.89 acres.
For comments, questions or concerns, please contact Lisa Brown
- ◦Sale/Acquisition
