Lakefront Gila Springs Complex Fetches $11.8 Mil

CHANDLER, AZ-A 1994s vintage lakefront property in Chandler baits an $11.8-million sale between a South Bend, IN seller and a Santa Monica, CA buyer. The Reflections of Gila Springs sale equates to $73,750 per unit.

The 160-unit, two-story complex is located at 411 N. Kyrene Rd. Mark Forrester of Hendricks & Partners’ headquarters office in Phoenix, negotiated the sale on behalf of seller, Lakeside Apartments LP. The firm’s John Kobierowski and Greg Thielen, also with the Phoenix office, handled talks for the buyer, 1985-Hull Associates LP and 1985-Crescent Associates LP.

The Chandler area is considered one of the region’s most promising submarkets, even though a four-quarter accounting had construction outpacing demand by 3,000 units, according to Hendricks & Partners second-quarter statistics. Vacancy was pegged at 7.8% in comparison to 8.5% for the same period a year ago. The submarket’s adrenalin boost is coming from Westcor’s retail power center, Chandler Fashion Center, and a new Wells Fargo operations center. At the second-quarter close, about 1,000 units were under construction while one developer was fine-tuning a plan to start work in spring 2002 on a 285-unit project on 20 acres. Solid job prospects and highway development have been triggering interest from would-be multifamily developers.