CBRE Completes Sale of Symphony Apartments, Chandler and Sonoran Vista Apartments in Scottsdale

Aggregate Sale Price of $78.5 Million for two Apartment Complexes in Metro Phoenix

Phoenix, AZ – CBRE of Phoenix has completed the sale of the Symphony Apartments, a 234-unit apartment complex located at 2225 W. Frye Rd. in Chandler, AZ for $35.5 million ($151,709 per unit) and the sale of the Sonoran Vista apartment community, a 264-unit apartment complex located at 9340 E. Redfield Rd. in Scottsdale. Public records show the buyer paid $43 million ($162,879 per unit) for Sonoran Vista. Wells Fargo Bank arranged a $33.4 million Fannie Mae loan for the sale.

Both properties were 95 percent leased at time of sale.

The seller in the Sonoran Vista transaction was a joint venture of Security Properties of Seattle, Washington and an institutional fund managed by Hunt Investment Management, the SEC-registered advisor of the Hunt Companies (Hunt), based in Chicago. The seller of Symphony Apartments was an institutional seller.

Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE’s Phoenix office represented the sellers in both transactions.

The buyer of Symphony Apartments was MIG Real Estate of Newport Beach, California. The buyer of Sonoran Vista Apartments was San Francisco, California-based Aukum Management.

“The Symphony Apartments offer an excellent infill location in the heart of Chandler’s major employment and tech-hub. The property benefits from the strong corporate employment located to the southwest in the Price Road Corridor, as well as its adjacency to Chandler Regional Medical Center,” said CBRE’s Gunter. “Symphony also offers excellent access to neighborhood retail options as well as proximity to Chandler Fashion Center.”

Built in 1999, the Symphony Apartments offers one-, two- and three-bedroom floor plans, nearly half of which have recently undergone significant interior renovations. Community amenities include two resort lagoon-style pools with spa, wood-burning fireplace, veranda with bar seating and televisions, and stainless steel BBQ grills; clubhouse with wet bar, coffee station, and conference room; and complete fitness center including a private yoga room.

Sonoran Vista is located on the eastern border of the Greater Scottsdale Airpark, a major employment hub in the Valley. Encompassing 26 million total square feet of office, retail and light industrial space and including more than 50,000 jobs, the area is home to several world headquarters and large employers. Additionally, last summer KUD International announced its intention to develop a biomedical campus on 225 acres north of the Loop 101 and west of Scottsdale Rd, about five miles away from the multifamily community. That development would bring 10,000 jobs to the area over the next ten years.

“Sonoran Vista is an extremely well-located asset that offers an excellent value-add opportunity and will continue to benefit from its location in one of the strongest employment corridors in the Valley,” said CBRE’s Cunningham.

Developed in 1996, Sonoran Vista consists of 264 units comprised of a mix of one-, two- and three-bedroom floor plans that feature gourmet kitchens, nine-foot and vaulted ceilings, wood-burning fireplaces, spacious walk-in closets and private patios and balconies. The community offers a resort-style swimming pool with spa and Ramada with BBQ; a designer clubhouse with coffee bar, kitchen, lounge area, and recreation options; a 24-hour fitness center and a resident business center in addition to other amenities.

To learn more the CBRE team of Anderson, Cunningham, Gunter and Peschshould be reached at (602) 735-5555.