Publish Date: 04-13-2018
Volume: XXIV
Number: 14

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Chandler – A fund managed by the real estate investment group (REIG) of global asset manager Eaton Vance Corp. in Boston, Ma. (NYSE:EV) paid $64.8 million ($213,861 per unit) to buy The Met at Fashion Center, a 303-unit apartment complex at the southeast corner of Chandler Boulevard and Hearthstone Way in Chandler. The seller was Chandler Apartments LLC, a joint venture entity formed by HCW LLC in Branson, Mo. (Rick Huffman, Sam Cantanese, managers), and The Met of Chandler LLC in Scottsdale (Alana Mann, Garth Mann, principals). Steve Gebing and Cliff David of Marcus & Millichap Real Estate Investment Services in Phoenix brokered the sale. Maricopa County records show the buyer acquired the property by assuming a Fannie Mae loan issued by Walker & Dunlop LLC totaling $39.441 million. In March 2014, BREW reported the seller paying $7.878 million to buy the 12-acre site located adjacent west of Chandler Fashion Center Mall and planning to develop the luxury apartment community. Located at 1 North Hearthstone Way, the seller completed the project in 2016. With the purchase of The Met at Fashion Center, Eaton Vance now owns 1,295 multi-family units in five Valley properties and roughly 20,000 apartments across the U.S. The publicly-traded company’s holdings also include 1 million sq. ft. of office buildings and 1 million sq. ft. of industrial space. The $3.5 billion in assets, comprised of 70 + properties in 15 states, are managed by affiliate Eaton Vance Commercial Real Estate Investment Group. At year-end 2017, BREW reported Eaton Vance paying $56 million ($186,667 per unit) to buy the 300-unit Pinnacle Terrace apartments at 801 N. Federal Street in Chandler. Find out more from Andrew Frenette of Eaton Vance at (617) 672-8380. Call Rick Huffman and Bob Allen of HCW at (417) 332-3400. Reach Gebing and David at (602) 687-6700.

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