CHANDLER, AZ-Greentree Place, a 256-unit, class B apartment community, has been purchased for $13.7 million by a trio of investors from Irvine, CA looking to invest 1031 exchange money. AIH Management LLC, Golden Phoenix LLC and Lexi Management assumed a $9.6-million loan from Fannie Mae with a 6.56% interest rate. The loan terminates in 2011, according to Mark Forrester, a partner with Hendricks & Partners’ Phoenix office who represented the seller, Greentree Place Investors LLC of San Mateo, CA.

Forrester tells that Greentree Place Investors had owned the complex since 2001 and decided to sell the property to take advantage of the demand in the market. The 17-year-old complex was Greentree Place Investors’ only apartment asset in Arizona.

“Chandler is one of the more dynamic markets in our city, and the property saw quite a bit of interest,” Forrester says. “The buyers see the market here turning around. It’s starting to recover.” He adds that the buyers plan to hold the community as a long-term investment.

Situated on 15.2 acres at 250 South Elizabeth Circle just southeast of Downtown, Greentree Place is a garden-style complex built in 1987. “It has a lot of class A features, even though it’s not a class A complex and it was built a while back,” Forrester says. The complex includes 9-foot ceilings, washer/dryer hook-ups in every unit and large floor plans.

Greentree Place offers 112 one-bedroom units ranging from 550 sf to 808 sf, 120 two-bedroom units ranging from 817 sf to 1,015 sf and 24 three-bedroom units with 1,125 sf. The average rental rate is $700 per month.

The complex was 91% occupied at the time of sale, but “offers specials and concessions,” Forrester notes. The buyers were represented by Michael Sun of Rancho Viejo, CA-based Peninsula Group.

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