9/17/2007

Pheasant Run Apartments in Chandler, Ariz., sold for $22.85 million

by
New York City-based Acacia Capital Corp. has acquired the 248-unit Pheasant Run Apartments in Chandler, Ariz., for $22.85 million.

Tyler Anderson, Sean Cunningham and Jack Hannum of CB Richard Ellis' Phoenix office procured the buyer and represented the seller, Farnam Realty Inc. of Scottsdale, Ariz.

The 24-year-old garden-style apartment community sits on 13.9 acres and is comprised of 23 one- and two-story buildings. It features one- and two-bedroom units and was 94 percent occupied at the time of sale.

Farnam Realty is a subsidiary of Farnam Cos., an animal vitamin and pharmaceutical manufacturer.

Acacia Capital is a private investment banking firm.

Address: 2101 N. Evergreen St., Chandler, Ariz.

Size: 248 units

Built: 1983

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Filed Under: Multi-Family

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