Chandler apartments sell for $43.5M

Phoenix Business Journal - by Jan Buchholz

The largest apartment sale this year in the metro area was announced today by Phoenix brokerage firm CB Richard Ellis. The 512-unit Biscayne Bay community at 300 E. Warner Road in Chandler sold for $43.5 million.

It’s the largest deal in terms of total dollars and in number of units. The buyer was Private Portfolio Group LLC of Seattle, Wash. According to its website, PPG already owns and manages about 5,800 Class A apartment units in 18 communities in the Valley, and is now adding to its market share.

The seller was Fund IX BB Chandler LLC, a company created by Chicago-based Waterton Residential. That company owns apartments in several states, including Illinois, Texas, Florida, Colorado, California, Virginia and North Carolina.

With this sale, Waterton is no longer owns apartments in Arizona. Waterton was represented by CB Richard Ellis. PPG handled its own end of the transaction.