US real estate private equity firm Stockdale Capital Partners has acquired a 355-unit luxury mid-rise apartment community in Arizona for $110.25m (€92.8m).
Stockdale said it has bought Avant at Fashion Center, located at 555 South Galleria Way in the Phoenix submarket of Chandler. Built in 2017, Avant at Fashion Center features a mix of studio, one and two-bedroom units housed in seven, three and four-storey buildings on a 11.4-acre site.
Samuel Palmer, Stockdale managing director, who along with managing director Chase Jensen leads the company’s multifamily platform, said: “Chandler is one of the strongest employment markets in Arizona while also offering a high quality of life for its residents.
“Strategic, modest upgrades will allow us to position the asset competitively against newer, more expensive properties in the area and capitalise on current market demand.”
Jensen added: “This area is experiencing a rapid supply cutoff, unlike much of the Phoenix Valley where substantial new inventory is still on the way, which positions this location more favourably.”
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