Chandler Multifamily Community Claimed for $91M
Riata, a newly-constructed, 300-unit apartment complex in Chandler, sold for $91 million. The buyer was an entity tracing to Idaho-based EPI Property Management, while San Antonio, TX-based Embrey Development was the seller in a deal that works out to $303,333 per unit.
Built in 2020, the asset sits on nine acres at 100 N. Hearthstone Way and features resort-inspired amenities, including a two-story clubhouse with billiards table, arcade games and a dedicated business center. The fully equipped club-style gym includes a separate yoga and fitness studio with spin bikes.
Marcus & Millichap’s Martin Cohan and IPA’s Cliff David and Steve Gebing represented the buyer in a 1031 exchange. CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter, Matt Pesch and Mark McFate represented the seller.
JLL’ Zach Koucos and Tim Brousse worked on behalf of the buyer to secure $43 million in acquisition financing via a 25-year, 2.43% fixed-rate, fully amortizing loan with Northwestern Mutual Life Insurance Company.
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