The Fairways The asset has 36 garden-style buildings on approximately 17.67 acres.

CHANDLER, AZ—The Fairways overlooks the historic San Marcos golf resort, which opened in 1913. The 352-unit, class-A apartment community at 777 W. Chandler Blvd. recently sold for $47 million or $133,523 per unit. The seller was BAZV Fairways LLC of Scottsdale, AZ, a company formed by The Bascom Group of Irvine, CA, and the buyer was Virtú Investments LLC of Larkspur, CA, a privately held investment company.

The Fairways is in close proximity to the Chandler Fashion Center, Chandler Center for the Arts and several major employments centers. The entire valley is easily accessible via the Loop 101 and Loop 202 Freeways, which connect to the US 60 and Interstate 10.

Built in two phases in 1986 and 1996, the asset consists of 36 garden-style two-story buildings and a leasing center on approximately 17.67 acres. With 339,720 net rental square feet, The Fairways offers a mix of 76 one-bedroom, 232 two-bedroom and 44 three-bedroom units, ranging from 684 square feet to 1,388 square feet.

Cindy Cooke, senior executive vice president, and Brad Cooke, senior vice president, of Colliers’ Phoenix office, represented the seller.

“The Fairways provided an opportunity for Virtú to purchase a stable class-A asset with 95% occupancy in a thriving submarket with strong economic drivers,” said Cindy Cooke. “The property is well positioned for the new owner to realize significant revenue upside and increased value by continuing renovations that were started by the seller.”

Community amenities include a fitness center, two swimming pools, a spa, a clubhouse, a business center, café and coffee bar with WiFi, covered playground and 635 parking spaces, including 192 garages. All units offer full-size washers and dryers, full breakfast bars and a private patio or balcony, with select units having vaulted ceilings, granite countertops, fireplaces and plank flooring.

Cooke tells GlobeSt.com: “The seller did a ton of work not only in improvements but in strategic management to turn The Fairways around. It has a lot of potential given the product design and location.”