Ahwatukee apartment complex sells for $85.2 million
Andante, an upscale apartment complex in Phoenix’s Ahwatukee suburb, has fetched $85.25 million in a sale to a group of Seattle investors.
The sale of the 576-unit complex is the biggest apartment deal in the Valley so far this year.
Rapidly rising rents in the Valley during the past few years is sparking an apartment building boom with more than 10,000 units recently completed, under construction or planned.
Chicago-based Waterton sold the Andante complex at 15801 S. 48th Street to Security Properties.
Investors spent a record $4.5 billion on metro Phoenix apartments last year, according to research from ABI Multifamily.
Developers of many of the complexes under construction in the Phoenix area now hope to sell them to investors.
“Andante is a well-maintained suburban multifamily asset offering tremendous value,” said CBRE’s Asher Gunter, who negotiated the deal for the sealer with Tyler Anderson, Sean Cunningham and Matt Pesch of the same brokerage.