Phoenix, Ariz. – The Laguna Village apartment community at 102 Palomino Dr. in Chandler has been sold to a Utah based investor for $70,250,000.00. The buyer intends to complete modernization of the 460-unit property and increase the development’s value within a submarket that has recently experienced strong population growth.
“This property is ideally suited for upgrades and re-positioning,” says Cindy Cooke senior executive vice president of Colliers International in Arizona. “Laguna Village is located in Chandler which has seen some of the strongest employment growth in the Valley. The area has also experienced tremendous population growth and Laguna Village is surrounded by a very limited supply of rental competition.