The Country Brook Apartments in Chandler Sell for over $64 Million

Area Map

For a total of $64.5 million, the 396-unit Country Brook Apartments sold Friday to California-based Standard Portfolios. The sale was funded by $54 million debt with Arbor Realty Capital. Sellers trace to Bascom Group in Scottsdale.

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The Country Brook Apartments are located south of the southeast corner of Rural and Ray Roads in Chandler. This complex consists of eight buildings totaling over 125,000 square feet and includes one, two, and three-bedroom floorplans. Three pools are stationed throughout the property.

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488-Unit San Melia Apartments Sells for $84 Million

Area map - Does not account for condoed division of parcel

GE Asset Management purchased the San Melia Apartments on Monday for $84 million or $172,000 per unit, funded by a $46.2 million loan with Fannie Mae. The apartment complex is condoed, however the entirety of the project conveys in this transaction. Buyers assumed SRP "license" to use the area, as it sits over an extension of the Highline Canal.

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The San Melia Apartments consists of 488 units in sixty-four buildings built in 1998. Sixty-eight of these units were renovated in 2011. It is located south of the southeast corner of 48th Street and Ray Road, and includes one pool.

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Mountainside Apartments Sell for over $41 Million

Parcel Map

The 288-unit Mountainside Apartments, located at 3625 E Ray Road in Phoenix, sold Friday for $41.25 million or $143,229 per unit. Sale documents indicate debt with the purchase, yet no debt documents were recorded. The new owners are managed by KB Investment Development of Southern California.

This twenty-year old complex consists of nineteen buildings containing one, two, and three-bedroom units. It includes two pools, washers and dryers in-unit, and detached garages.

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