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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.”
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition