Investors Betting Tech Jobs Will Bolster Chandler Multifamily
Passco Cos picked up a 389-unit apartment community in Chandler, banking on the area’s stuffed-to-the-brim office pipeline to bring thousands of new jobs—and residents. By Passco’s estimates, Chandler will see an influx of another 17,000 jobs by 2017, which is why the company just dropped $80M on Almeria at Ocotillo, a Class-A multifamily investment.
“Chandler is one of the most desirable submarkets in the Phoenix metro,” says Passco SVP of acquisitions Gary Goodman. “The greater Chandler area is home to the largest concentration of tech jobs in all of Arizona and is positioned to perform extremely well over the next several years.” These jobs are paying well, as Gary says Ocotillo’s average household income is $104k.
Gary says the area is known as “Silicon Desert.” The region’s plethora of technology-driven employers, well-educated workforce and exponential projected job growth offer tremendous opportunity, he says. There is upwards of 4M SF of office space planned or under construction in Chandler, half of which is slated to open this quarter. Wells Fargo, which sits a half mile from Almeria at Ocotillo, is working on an expansion comprised of two 13-story office towers, expected to raise the number of employees on the campus to 12,000.
Almeria at Ocotillo was built in two phases, completed in 2014 and 2015. It features an infinity pool overlooking Ocotillo Lake, a second resort-style pool, a lap pool and a state-of-the-art fitness center. It’s located at 2470 West Edgewater Way.
