PHOENIX, Arizona – CBRE Group, Inc., has arranged the sale of Andante, a 576-unit, Class A multifamily community located at 15801 S. 48th Street in Phoenix’s Ahwatukee submarket. The community sold for $85.25 million ($143,000 per unit).
Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE’s Phoenix office represented the seller, Chicago-based Waterton. The buyer was Seattle, WA-based Security Properties.
“Andante is a well-maintained suburban multifamily asset offering tremendous value-add upside,” said CBRE’s Gunter. “The property is located within a highly desirable, amenity-rich submarket with top-performing schools. Additionally, the property benefits from a high barriers-to-entry location.”
Andante is situated west of Interstate-10 with visibility along Chandler Boulevard and offers accessibility to all of the Southeast Valley’s major employment corridors. Built in 2000, the community features all one- and two-bedroom floor plans averaging 886 square feet per unit. Community amenities include three resort-style swimming pools, resident clubhouse, a 24-hour fitness center and an expansive dog park.