CBRE's Parcland Punch
CBRE is also seeing rising prices in multifamily. Case in point: CBRE's Tyler Anderson, Asher Gunter and Sean Cunningham (snapped) and Matt Pesch just helped a JV between Scottsdale-based Mark-Taylor and Phoenix-based Kitchell Development sell Parcland Crossing, a 383-unit Class-A apartment complex in Chandler for $65M, or nearly $170k/unit. PrivatePortfolio Group out of Seattle was the buyer. That's a healthy sum, given that the current median per unit price going in Phoenix is $43k, according to Colliers International research.
The property has virtues that commanded the pricing, aside from being 93% leased and being built in 2013. “Population growth for the one-mile radius… has averaged 5.5% in the past three years and is projected to increase by almost 9% in the next five years,” Sean tells us. It also helps that Chandler is a major employment hub, with such companies as eBay/PayPal, Verizon, Wells Fargo, and the Chandler Regional Medical Center nearby, he says. The gas grills in the apartment's park also helps.
