PHOENIX—Parcland Crossing, a 383-unit apartment complex locatedat 800 W. Willis Rd. in Chandler has sold for $65 million. Themultifamily community sits just south of the 202 Freeway at thenortheast corner of Willis and Alma School roads in Chandler. Theproperty was 93 percent leased at time of sale.

Tyler Anderson, SeanCunningham, Asher Gunter and MattPesch with CBRE's Phoenix officerepresented the seller, Alma School Apartments,LLC, a joint venture between Scottsdale-basedMark-Taylor, Inc. and Phoenix-basedKitchell Development Co. The buyer wasPrivatePortfolio Group, LLC of Seattle.

“Parcland Crossing is an extremely well-located asset.Population growth for the one-mile radius around Parcland Crossinghas averaged 5.5 percent in the past three years and is projectedto increase by almost 9 percent in the next five years,” saysCBRE's Cunningham. “The exploding population in the area has led topent-up demand for housing and resulted in an incredibly brisk paceof lease-up activity at Parcland Crossing.”