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Starlight Picks Up Broadstone Fashion Center in Chandler for $84 Million

Developer Alliance Residential Delivered 335-Unit Apt. Complex Last Year
February 23, 2018
Toronto-based investment shop Starlight Investments has acquired a new Phoenix-area rental complex.

Broadstone Fashion Center is a 335-unit low-rise property at 555 South Galleria Way, in Chandler, AZ. Phoenix developer Alliance Residential teamed up with AIG to develop the complex, which delivered in January of last year.

Starlight’s U.S. Multifamily arm paid $84 million for the property, or slightly more than $250,000 per unit. The company negotiated the transaction off-market without any brokers.

The property’s units are a mix of studios and one- and two-bedroom floor plans. On-site amenities include a pool with cabanas and a hammock area, outdoor grilling stations, a coffee bar and fitness center with spin bikes, a yoga lawn and rowing machines.

Late last year, Starlight announced it was forming a joint venture with the Alberta Investment Management Corp. (AIMCo), and Canada’s Public Sector Pension Investment Board to acquire $1.3 billion in U.S. apartments. To date, the venture has made acquisitions in suburban Denver, Atlanta and now Phoenix.

For more information on the transaction, please see CoStar Comp #4133805.

John Doherty, Multifamily Reporter  CoStar Group   
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