PHOENIX, Arizona – CBRE has completed the sale of Santa Rosa, a 112-unit Class A multifamily community located at 3425 E. Chandler Blvd. in Phoenix, AZ. The property commanded a sale price of $19.5 million ($174,107 per unit).
Sean Cunningham, Tyler Anderson, Asher Gunter and Matt Pesch with CBRE’s Phoenix office represented the seller, Denver-based Baron Properties. The buyer was New York City-based Rivendell Global Real Estate.
“Santa Rosa represents a tremendous value-add opportunity,” said CBRE’s Cunningham. “The community is institutionally-maintained, features a desirable low-density site plan and has a tremendous location in Phoenix’s high-end Ahwatukee submarket, a preferred residential area with established master-planned communities and home to some of Phoenix’s best schools.”
Built in 1997, Santa Rosa is a garden-style community with spacious one-, two- and three-bedroom floor plans. Individual residences feature nine-foot ceilings, full-size washers/dryers and private patios/balconies. Common area amenities include a resort-style swimming pool and spa, 24-hour fitness center and resident clubhouse.
Santa Rosa is one of two multifamily communities located within the 720-acre Lakewood Master Plan, which offers residents access to green belt areas, mountain and desert preserves, parks, golf courses and hiking trails.