Institutional Property Advisors completes $84.48 million multifamily sale in Greater Phoenix

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Fairways at San Marcos
Institutional Property Advisors (IPA) announced the sale of The Fairways at San Marcos, a 352-unit apartment asset in Chandler, Arizona.

Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of The Fairways at San Marcos, a 352-unit apartment asset in Chandler, Arizona. The $84.48 million sales price equates to $240,000 per unit.

“Multifamily sales velocity throughout the Phoenix metro area has improved significantly since the effects of the pandemic slowed activity in the second quarter,” said Steve Gebing, IPA executive managing director. “We are now seeing increased investment interest in all asset classes evenly distributed across the county, with particular interest in the Chandler and Gilbert submarkets.” Gebing and Cliff David, IPA executive managing director, represented the seller, Virtú Investments and procured the buyer, NexPoint Real Estate Advisors.

One of only three multifamily properties with golf course frontage in Chandler, The Fairways at San Marcos is less than a mile from the city’s historic downtown area. The 339,720-rentable-square-foot, 18-acre community was constructed in two phases in 1986 and 1996 with over 2,000 square feet of footage along Chandler Boulevard. The Price Corridor employment center, eBay, Intel, Chandler-Gilbert Community College and Mesa Community College are nearby. Among the property’s many amenities are a fitness club, two pools, a clubhouse, and a large off-leash dog park. The community’s one-, two- and three-bedroom apartment homes have nine-foot ceilings and full-size washers and dryers. The average unit size is 965 square feet.