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CHANDLER, AZ-A local investor has finalized a $1.7-million buy of the 42-unit Tuscany at Chandler Apartments. Seller Sean O’Carroll of Tempe is getting nearly $39,000 per unit in the transaction.

Private investor Dick Berry, also based in Tempe, has latched onto a holding in a suburb, where vacancy is about 7%, slightly above that recorded for the entire Valley. Tuscany at Chandler Apartments is located at 625 N. Alma School Rd. It is situated midway between Ray Road and Chandler Boulevard and two miles from the Price Freeway section of Loop 101. It’s also within two miles of the soon-to-open Chandler Fashion Mall, which has attracted scores of retailers, shops and restaurants to the area along the freeway’s path.

Chandler carries a higher rent price–$733 per month– than the rest of the Valley. The higher rents in the suburb about 15 miles southeast of Phoenix are a reflection of the newer apartment stock. The Phoenix office of Hendricks & Partners, with brokers John Kobierowski, Jim Kasten and Jan Long, negotiated the transaction.

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