Greystar Purchases 188-Unit River Ranch Apartments in Metro Phoenix for $32M
CHANDLER, ARIZ. — Greystar GP II, an entity formed by Charleston, S.C.-based Greystar, has acquired River Ranch, a multifamily property located at 6152 W. Oakland St. in Chandler. PHX Oakland 2010, a company formed by San Mateo, Calif.-based Acacia Capital Corp., sold the property for $32 million.
Jim Crews of Cushman & Wakefield’s Phoenix office represented the seller in the deal.
River Ranch is a two-story, 11-building, garden-style complex that features 188 units in a mix of one- and two-bedroom floor plans, averaging 742 square feet. Built in 1986, the property has undergone $2.5 million of capital improvements over the last seven years, including washers/dryers installed in all units, roof replacement, exterior paint and new black appliance packages in 31 units.