Virtú Investments Acquires Fairways in Chandler, AZ
Mar 17, 2016
*Chandler, AZ*— The Fund acquired the 352-unit Fairways Apartment Community, located at 777 West Chandler Boulevard, Chandler, AZ. The property offers a value-add opportunity in an excellent location within the master-planned city of Chandler, the fastest growing city in the Phoenix market. In purchasing Fairways, Virtú has a visible opportunity to complete renovations previously begun on the asset in 2013. This value-add renovation, in combination with extremely high occupancy and a submarket with dynamic job growth make this investment appealing at this point in Phoenix’s apartment cycle.
Virtú purchased Fairways as one of three assets in a property portfolio offering. Fairways has a well-appointed unit mix with one-, two- and three-bedroom layouts. All units have in-unit washer and dryers and there is ample parking with tuck-under carports, detached and attached garages. The property provides a serene setting as it is situated on the San Marcos Golf course, which is one of the best country club golf courses in Phoenix. The two-story construction, onsite parking options, and views of the golf course set this property apart from its competitors.
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