CHANDLER, AZ – A private family trust has acquired a newly-constructed, 300-unit apartment complex in Chandler, AZ, for $91 million. The multifamily community, Riata, was acquired for $303,333 per unit in a 1031 exchange.
Marty Cohan, Marcus & Millichap's SVP of investments and advisor to the buyer, along with Institutional Property Advisors' executive managing directors, Cliff David and Steve Gebing, managed the execution of the sale and the purchase of the property.
"The acquisition of Riata was the culmination of an exhaustive search for a best-in-class multifamily asset to purchase following the sale of the buyer's long-held Northwest Valley apartment property," states Cohan.
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
