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Continental Realty Advisors, GTIS Partners Acquire 240-Unit Apt. Complex in Chandler

Spring Brook Development Sells San Palmas at Mission Park for $43.2 Million
March 9, 2018
Continental Realty Advisors (CRA), a Denver-based multifamily investment and management firm, partnered with GTIS Partners, a global real estate investment firm headquartered in New York, to acquire the 240-unit San Palmas at Mission Park apartment complex in Chandler, AZ for $43.2 million, or $180,000 per unit.

The Scottsdale, AZ-based seller, Spring Brook Development, bought the garden-style community in February 2013 for $33.6 million, or $140,000 per unit, according to CoStar’s analytics.

San Palmas comprises one-, two- and three-bedroom units ranging from 830 to 1,438 square feet in 30, two-story buildings. The 93 percent leased apartment complex at 1111 N. Mission Park Blvd. was built on nearly 14 acres in 1998 by Mark Taylor Residential.

The partnership plans to renovate the Class A apartment complex and update the property’s amenities, according to a release from CRA.

David Snyder, chairman at CRA, noted that San Palmas is strategically located in the pathway of demand within the Chandler submarket, and the complex is near major employers including Intel, Wells Fargo, Bank of America and JP Morgan, among others.

For more information on this transaction, please refer to CoStar COMPS #4151271.
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