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Phoenix & Southwest  + Phoenix  + Apartments  | 
Parcland Crossing

Parcland Crossing Sells to Sunroad for $125M

The 383-unit multifamily community Parcland Crossing in Chandler recently sold to San Diego-based Sunroad Enterprises for $125 million. Sunroad renamed the community the Laurel Apartments.

The 2012-built property located at 800 W. Willis Rd. features two swimming pool areas with cabanas, a fully equipped fitness center with spin room, resident clubhouse with game room and a business center.

“The community’s solid bones provide an excellent base to execute our repositioning strategy,” said Dan Feldman, Sunroad Asset Management president. “The Phoenix multifamily market is one of the strongest in the country, and we continue to explore more opportunities in the region. The Laurel is our 10th acquisition in Phoenix, bringing our total count to 2,500 class-A multifamily units in the market. We have strategically identified Phoenix as a market where we will actively continue to grow our presence.”

Phoenix posted one of the highest year-over-year multifamily rent increases of all U.S. metros in first quarter 2021 with a 5.3 percent increase, according to CBRE research. The average multifamily rent in Chandler increased 6.1 percent in that timeframe.

CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of represented the seller, PrivatePortfolio Group.

“We continue to see elevated interest from multifamily investors looking to Phoenix for quality assets and strong fundamentals,” said Anderson. “The Laurel’s central location in the Chandler submarket perfectly positions the community to benefit from the region’s accelerating metrics.”

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Dan Feldman

About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.

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