Phoenix, AZ – CBRE has completed the sale of Cantera, a 288-unit multifamily community located at 2475 W. Pecos Rd in Chandler, Arizona. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE’s Phoenix office handled the transaction. The seller was Rockwood Capital and the buyer was Aukum Management.
The property commanded a sale price of $46 million ($159,722 per unit).
“Strong demand for multifamily housing in Chandler is reflective of the submarket’s growing employment base,” noted Gunter. “Cantera is ideally located adjacent to the Price Road Corridor, the Valley’s largest high-tech employment hub.”
Aukum was attracted to the quality of the asset and location with upside still remaining.
“We see continued demand for newly renovated units in this submarket. With 200 units left to renovate in such a strong location, Cantera provides a great core-plus opportunity,” said Jason Fuchs, President & Managing Director of Aukum.
Developed in 2002, Cantera is a luxurious community with attractive design features and excellent amenities including a recently renovated state-of-the-art fitness center, updated resident clubhouse, and a resort-style pool with spa. Residents enjoy an extensive collection of retail and dining amenities in emerging Downtown Chandler as well as proximity to the 1.2-million-square-foot Chandler Fashion Center mall.