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$65M Suburban Phoenix MF Asset Sale Closed by IPA

The Met at Fashion Center, a three-building, 303-unit multifamily investment property in Chandler, AZ, has sold for $64.8 million, which equates to $213,861-per-unit. Boston-based Eaton Vance Corp. acquired the asset from a partnership between HCW Development and the Statesman Group.

Built in 2016, the property is adjacent to the Chandler Fashion Center, a 1.3-million-square-foot super regional shopping mall. The location on Chandler Blvd. provides immediate access to the Price Corridor, which accounts for nearly one-third of the city’s total employment base.

Marcus & Millichap Institutional Property Advisors’ Steve Gebing and Cliff David represented the sellers, and procured the buyer.

Gebing says, “The Met at Fashion Center’s location is ideal for professionals delaying home purchases to live in urban settings where they can work and socialize within a short distance of home.”

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

  • ◦Sale/Acquisition
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