The Sares Regis Group Fund III is excited to announce the acquisition of its 5th Arizona property with the addition of Elevation Chandler in Chandler, AZ. This 163-unit garden-style community was built in 2014 in the desirable Price Corridor, Arizona’s distinct job center known most widely for its high-tech manufacturing, healthcare, information technology, and finance industries. The property enjoys an enviable position within the suburban area of Chandler with access just off Pecos Road, which connects to Frye Road and has immediate access to both Loop 101 (Pima/Agua Fria Freeways) and Loop 202 (Red Mountain Freeway), as well as offering easy access to Phoenix Sky Harbor International Airport.
Elevation Chandler has an excellent mix of one and two-bedroom units that remain in original condition since construction. With contemporary floorplans, design, and community amenities, there is a unique opportunity to upgrade interior finishes, the clubhouse, leasing office, fitness center, and pool environment to modern contemporary specifications and position the property to compete with newer or more renovated communities in the submarket.
Interior unit upgrades could include updated quartz countertops with under-mount sinks, a contemporary kitchen backsplash, plumbing fixtures, vinyl plank flooring throughout units, and new two-tone designer paint. The leasing and clubhouse spaces will be completely reimagined. We will be upgrading the pool area and outdoor lounge to impart a resort-like feel and will revitalize the fitness center by improving finishes and selecting equipment to compare with commercial fitness facilities.
Chandler, once a small agricultural community, has transformed into an economic powerhouse of the Southeast Valley. Established and expanding area companies including Intel, Northrop Grumman, Wells Fargo, Allstate Insurance, and Voya Financial provide white-collar employment for Chandler residents. Awarded the No. 6 spot for ‘Best Cities for Jobs in the U.S.’ in 2020 by WalletHub.com, the city of Chandler supports a superior quality of life and a host of conveniences.
Closing on Elevation Chandler was another successful effort across our various Sares Regis Group teams. Congratulations and thank you all for the great work!
William B. Montgomery
Chief Investment Officer