SARES•REGIS Multifamily Value-Add Fund III, L.P. (SRMF VA-III) announces the acquisition of Elevation Chandler on July 22, 2021. Built in 2014, this 163-unit community consists of 6 two and three-story buildings. The property offers a selection of 4 different floorplans with one-bedroom or two-bedroom. Interior units include granite countertops, stainless steel appliances, vinyl plank flooring, and washers and dryers. These units have not been updated since construction, presenting an excellent opportunity for a renovation program.
The community is in the desirable Price Corridor, Arizona’s distinct job center known most widely for its high-tech manufacturing, healthcare, information technology, and finance industries. Residents have a direct connection to Loop 101 (Pima/Agua Fria Freeways) and Loop 202 (Red Mountain Freeway) as well as easy access to Phoenix Sky Harbor International Airport.
Phoenix continues to show great property performance post-Pandemic and has become a highly sought-after market for apartment investment.