REBusinessOnline

Wood Partners Trades 273-Unit Multifamily Community in Arizona for $71.7M

Summit-at-San-Marcos-Chandler-AZ

The buyers plan to rename Alta San Marcos, a 273-unit apartment community in Chandler, Ariz., to Summit at San Marcos.

CHANDLER, ARIZ. — Wood Partners has completed the sale of Alta San Marcos, an apartment complex located in Chandler. JLL Income Property Trust acquired the property for $71.7 million or $262,821 per unit. The buyer plans to rebrand the property as Summit at San Marcos.

Located within walking distance of downtown Chandler, the multifamily property features 273 apartments with nine-plus feet ceilings and an average unit size of 940 square feet. Community amenities include a clubhouse and leasing office with a 13-foot theater-style television, plush seating, a demonstration kitchen and fitness center. The community was completed in 2018.

Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

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