Sares Regis Group has sold Monument, a Chandler apartment community, for $46 million. Multi-Family News reports the investor paid $56.2 million for the property in 2021. The 163-unit community was purchased by a private buyer using a $24.6 million acquisition loan issued by NorthMarq Capital.
Monument came online in 2014 at 2300 W Pecos Road, 23 miles southeast of downtown Phoenix. The community features five two- and three-story buildings across a 6-acre site, enclosing 105 one-bedroom and 58 two-bedroom apartments, with layouts ranging from 676 to 1,075 square feet, according to Yardi Matrix data. Shared amenities include a fitness center, business center, clubhouse, swimming pool, spa and grade-level parking with 273 spots.
Near the interchange between Arizona State routes 202 and 101, the property is within a 1-mile radius of the Chandler Regional Medical Center Emergency Room, as well as several shopping centers that feature Walmart Supercenter, Whole Foods Market, Macy’s, Costco Wholesale and T.J.MAXX.
The post Sares Regis Spins Off Chandler Rental Asset for $46M appeared first on Connect CRE.
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