ABI Multifamily brokers 109-unit condominium property for $27 million

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Santana Ridge Luxury Rentals
ABI Multifamily announced the $27,000,000 sale of Santana Ridge Luxury Rentals, a 109-unit multifamily condominium property located in Chandler, Arizona.

ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western US, is pleased to announce the $27,000,000 / $247,706 Per Unit / $208.38 Per SF sale of Santana Ridge Luxury Rentals, a 109-unit multifamily condominium property located in Chandler, Arizona.

Santana Ridge is a Class “A,” value-add (under-market rents), garden-style, bulk condominium offering consisting of 109 out of 184 total units, with HOA control, currently operating as multifamily rentals. The 184 units were built in two phases. Phase I was constructed in 2006 and consists of 72 units. Phase II was constructed in 2016 and consists of 112 units. All 109 units in this offering are located in Phase II.

All units were originally built as condominiums with nine-foot ceilings and include a full-size washer and dryer, granite countertops, stainless steel appliances, large cabinets, wide plank flooring and a private patio / balcony. Every unit is also assigned a garage and carport. The property was constructed of wood frame and stucco and is individually-metered for electricity. The unit mix consists of (68) two-bedroom / two-bath units and (41) three-bedroom / two-bath units averaging approximately 1,189 square feet per unit. The luxury community amenities include: A clubhouse with indoor/outdoor resident lounge with kitchen, two swimming pools and spa, fitness center and playground.

Santana Ridge is conveniently located with direct access to all areas of the Phoenix Valley by way of the San Tan Freeway (Loop 202). The property is located near the Price Corridor where several major employers such as: Intel, Safelite, PayPal and Wells Fargo have large facilities; and the Arizona State University Research Park where the following major employers also have facilities: GoDaddy, Amazon, Edward Jones and Walgreens. Furthermore, Santana Ridge is nearby the Chandler Municipal Airport one of the nation’s 50 busiest general aviation airports. Just minutes from the community, the property is also located near the Downtown Chandler area, which offers numerous dining, entertainment and recreational activities.

ABI Multifamily’s Phoenix-based Institutional Apartment Group – Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovick represented the seller in this transaction.

The buyer is based in Arizona and the seller is based in Canada.