Sares Regis Spins Off Chandler Rental Asset for $46M
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.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout