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.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Ingrid Tunberg

Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and 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.