Tyler Anderson, senior vice president in Phoenix for CB Richard Ellis Inc., tells GlobeSt.com that the class B, two-story, garden-style community at 4424 E. Baseline Road caught Fairfield's eye because it presented a value-add opportunity for the residential housing investor. "It offered an opportunity for them to enhance things and add value," Anderson says of gated community built in 1986, which is set against a lushly landscaped backdrop of rambling creeks and bridges within the Interstate10 employment corridor. The complex, which was almost fully leased at the time of sale, also features amenities that include a clubhouse, fitness center, two resort-style swimming pools and playground with monthly rents ranging from about $600 to $785 for the one- and two-bedroom units.
Seller Equity Residential of Chicago, which has been paring several of its older Phoenix holdings, received multiple offers on the Interstate 10 and Baseline Road complex, but opted for Fairfield Residential due to the firm's proven track record, Anderson says.
Fairfield, which also owns communities in Chandler, Mesa, Scottsdale, Glendale and Peoria, is continuing to look for properties in the Phoenix market, he adds. In October 2003, Fairfield acquired 17 acres to build 324 luxury apartments in North Phoenix's master-planned community of Tramonto. In the latest acquisition, Anderson and Sean Cunningham, also with CBRE's Phoenix office, represented the seller while Fairfield Residential used in-house brokers to negotiate the transaction.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.