Phoenix, AZ – CBRE has completed the sale of Pheasant Run, a 248-unit multifamily community located at 2101 N. Evergreen Street in Chandler, Arizona. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE’s Phoenix office negotiated the transaction. The seller was Acacia Capital of San Francisco, CA. The buyer was Dallas, TX-based Phoenix Property Company.
The property commanded at sale price of $29.5 million ($119,000 per unit).
“Pheasant Run is surrounded by all of the Southeast Valley’s major employment corridors. With nearly 70,000 jobs in a five-mile radius of the community, Pheasant Run is well-positioned to capitalize on strong demand for multifamily housing in the Chandler submarket,” said CBRE’s Anderson. “Combined with discernible value-add upside, a potential for strong returns at Pheasant Run exists.”
Built in 1985, Pheasant Run is a garden-style community featuring all two-story buildings and a desirable low-density site plan. Community amenities include two swimming pools, a resident clubhouse, a fitness center, a basketball court and a kid’s playground. Individual residences feature well-appointed kitchens, spacious walk-in closets, private patios/balconies, fireplaces, and in-unit washer/dryers.