CHANDLER, AZ-A highly-sought after luxury apartment community has traded for $43.5 million – $400,000 more than its asking price. A Seattle, WA-based investor beat out 44 other prospective buyers to nab Biscayne Bay, a 512-unit property located at 300 E. Warner Rd.

Private Portfolio Group LLC acquired the 10-year old property at a 5.75% cap rate, according to Tyler Anderson, vice chairman of CB Richard Ellis. He and Sean Cunningham, also a vice chairman with CBRE, negotiated the deal on behalf of the seller, Chicago-based Waterton Residential doing business as Fund IX BB Chandler LLC.

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