By: Paul Dionne | Vizzda.com
April 1st, 2014 — Marcus Kurschat of Phoenix-based Clear Sky Capital has completed acquisition of the Park Tower Apartments in Chandler for $15.2m or just under $85k per unit. Mr. Kurschat payed $2.5m in cash and financed the remainder with a $12.7m multifamily deed of trust with an affiliate of Walker & Dunlop.
The 180-unit property is located adjacent to the Home Depot-anchored neighborhood shopping center at the southwest corner of Alma School Road and Chandler Boulevard. It is comprised of eleven 2-story buildings totaling 158,604 SF, two pools, a tennis court and fitness center, as well as a children’s park.
A search of the Vizzda database shows nine multifamily sales in the Chandler market within the last twelve months and four* multifamily assets (including the Park Tower) that sold for more than $10m. Those three comps conveyed 925 units for a combined $112.5m or $121,621 per unit—144% of the per unit price achieved by Clear Sky Capital.
* One of these transfers was non-arms-length but it is included because there was a stipulated value for the property.