Investors are still keen to find value-add multifamily plays in greater Phoenix. So much the better if the property happens to be near a famed golf course.
Recently The Fairways, a 352-unit apartment property at 777 W Chandler Blvd in Chandler overlooking the Crowne Plaza San Marcos Golf Resort, traded for $47M between a California buyer and seller. "The property's well-positioned for the new owner to realize significant revenue upside by continuing renovations started by the seller," says Colliers International senior EVP Cindy Cooke, who repped the seller along with SVP Brad Cooke.
The buyer was Virtú Investments of Larkspur, CA, a privately held investment company, while the seller was an entity formed by The Bascom Group of Irvine, CA. Built in two phases in 1986 and 1996, The Fairways has 36 garden-style, two-story buildings and a leasing center on more than 17 acres. The San Marcos Golf Resort opened in 1913 and was a premier attraction for celebrity golfers during much of the 20th century. Interwest Capital bought it and the adjacent hotel in 2013 and spent nearly $4M renovating both.
