Greystar Acquires 845-Unit Multifamily Portfolio in Metro Phoenix
CHANDLER AND GILBERT, ARIZ. — Greystar Real Estate Partners has purchased a three-property Acacia multifamily portfolio on behalf of its real estate funds for an undisclosed price. Situated on Phoenix’s East Valley submarket, the properties are Chandler Court and River Ranch in Chandler and Vista Mountain in Gilbert.
Originally built in the late 1980s, the portfolio largely features original interiors throughout the properties. Greystar’s value-add strategy includes renovating the units, including hard-surface countertops, stainless steel appliances, new cabinet doors and upgraded lighting, plumbing and hardware packages. Additionally, the company plans to upgrade the common areas and amenities, which include fitness centers, clubhouses, business centers, community gardens, pools and spa areas.