Newly Developed 300-Unit Riata Apartments Project in Chandler, Ariz. Sells to EPI for Undisclosed Amount - CBRE
19 Nov 2020
Phoenix – CBRE announced the sale of the 300-unit Class A multifamily community Riata in Chandler, Ariz. to EPI LP for an undisclosed amount.
CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter, Matt Pesch, and Mark McFate of Phoenix Multifamily Institutional Properties represented the seller, San Antonio, Texas-based real estate developer Embrey Partners. Martin Cohan of Marcus and Millichap and Cliff David of IPA represented the buyer.
Built in 2020, Riata features resort-inspired amenities, including a two-story clubhouse with billiards table, arcade games and a dedicated business center. The fully equipped club-style gym includes a separate yoga and fitness studio with spin bikes. Riata’s pool and spa area features a fire pit plus covered seating and open sun decks.
“Riata represents the best of Embrey’s ongoing dedication to design, detail, craftsmanship and creating places where people want to be,” said Embrey Chief Investment Officer Garrett Karam. “We matched Chandler’s desire for high-end Class A multifamily with market need, and resident demand followed. We are excited for EPI in this acquisition and believe Riata will provide stable growth over the long term.”
The multifamily vacancy rate in Chandler decreased 30 basis points year-over-year to 3.3 percent in third quarter 2020, the lowest rate on record going back to 1995, according to CBRE Econometric Advisors.
“Embrey Partners is a premier developer and they delivered a best-in-class community,” said CBRE’s Gunter. “Phoenix is a top-performing market nationally. Riata presented an excellent opportunity to acquire one of the best luxury multifamily communities in the Southeast Valley.”
Riata is adjacent to Chandler Fashion Center, a 1.3 million square feet super regional mall, and the community is situated at the gateway to the Price Road Corridor in Chandler, the hub of Phoenix’s high-tech manufacturing and financial services employment.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.