Texas Investor Spends $28.7 Million For Luxury Apartments in Chandler

Publish Date 09.04.2015
Volume: XXI
Number: 35

Chandler – A company formed by Olympus Property in Fort Worth, Tex. (Chandler Wonderly, Anthony Wonderly, principals) paid $28.7 million ($176,074 per unit) to acquire the 163 unit Elevation Chandler apartments at 2300 W. Pecos Road in Chandler. The seller was RVP Apartments L.P., a limited partnership formed by Vedura Residential in Scottsdale (Bruce Hart, Paul Fannin, Jason O’Clair, principals) and Real Estate Capital Partners (RECAP) in New York City, N.Y. The deal was negotiated through Dave Fogler and Steve Nicoluzakis of Cushman & Wakefiled of Arizona Inc. in Phoenix (formerly DTZ). WW Elevation LLC (Olympus Property entity) acquired the property with a $18.928 + million Fannie Mae loan issued through Berkadia Commercial Mortgage LLC. In November 2012, BREW reported the Vedura Residential partnership buying a 6.2 acre parcel and planning to develop the apartments on the site, which is just west of the northwest corner of Pecos and Dobson roads. The joint venture completed Elevation Chandler last year. The investment is the third in the Valley for Olympos Property, which owns multi-family projects in nine states across the U.S. Three months ago, BREW reported the privately-held firm paying $36 million ($180,000 per unit) to purchase the 200-unit Cactus Forty-2 apartments at 4242 E.Cactus Road in Phoenix. In November 2009, BREW reported Olympus Property paying $9.85 million ($31,1717 per unit) to buy the 316-unit Crossroads apartments at 2222 W.Beardsley Road in Phoenix. Get more from the Wonderlys at (817) 795-4900. Call Hart, Fannin and O’Clair at (480) 922-9200. The C&W agents are at (602) 954-9000.

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