Chandler Rental Community Sells for $109.5M

Country Brook Apartments, a 396-unit multifamily property in Southwest Chandler, has sold for $109.5 million.

Cindy Cooke, Brad Cooke, Chris Roach and Matt Roach in the Arizona office of Colliers handled the sales transaction. Luke Donahue and Patrick O’Donnell of Colliers Mortgage coordinated financing for the acquisition. 

Colliers Mortgage provided a non-recourse, full-term interest-only fixed-rate $76.65 million acquisition loan at a 4.97% rate that was locked at the signing of the purchase and sale agreement.

Country Brook Apartments, 4909 W. Joshua Blvd. in Chandler, is a garden-style multifamily community offering 16.5 units per acre. Built in three different phases in 1992 by Evans Withycombe, the property features 32 buildings containing a total of 396 apartment units with an average unit size of 963 square feet. Community amenities include three resort-style pools, two spas, poolside ramadas, alfresco kitchen with outdoor tvs, 24-hour fitness center, 24/7 access package locker and covered parking. 

The community has averaged a 95.6% occupancy rate during the last 36 months.