An affiliate of private equity real estate firm FPA Multifamily has sold the 272-unit multifamily community Arrive Ocotillo in Chandler, Ariz., to Acacia Capital Corp., for $95 million
The property was 97.4 percent occupied at time of sale.
The average multifamily rent for metro Phoenix increased 15.3 percent year-over-year in second quarter 2021, the strongest rent growth of all U.S. metros, according to CBRE research. Annual rent growth in Chandler topped 19 percent in second quarter 2021, while submarket occupancy increased 70 basis points year-over-year to 96.5 percent.
