Colliers International sells Laguna Village apartment community in Chandler for $70.25 million

Utah investor plans to modernize property

Phoenix, March 7, 2019 – The Laguna Village apartment community at 102 Palomino Drive in Chandler, Arizona, sold to a Utah-based investor for $70.25 million. 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,” said 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.”

Bridge Acquisitions, headquartered in Salt Lake City, purchased the property from PB Bell of Scottsdale. Cindy Cooke and Brad Cooke of Colliers represented the seller in the transaction. Bridge Acquisitions was self-represented.

Laguna Village was built in 1985, and consists of 31 two-story buildings, totaling 363,684 square feet. The one- and two-bedroom units average 792 square feet each, with full-size washers and dryers in every unit. Bridge Acquisitions intends to continue the renovations that were started by PB Bell, plus upgrade all the common area amenities at the community. Properties in the submarket that have completed renovations are achieving rent premiums of up to $200 per month.

“This outstanding submarket has experienced 10 percent rent growth in recent history, while enjoying a vacancy rate below 5 percent,” said Cooke. Westech Corporate Center is positioned directly across the street from Laguna Village. The 130-acre master-planned business park is scheduled to have more than 2,000 employees on-site at its completion. 

Laguna Village is located between the dynamic downtown Chandler and downtown Gilbert submarkets. Situated less than five minutes from US-60, Laguna Village provides quick access to the Loop 202 Red Mountain freeway, Loop 101 freeway and Interstate 10. Approximately 80 tech companies are situated within 15 minutes of the property along the established Loop 101 Tech Corridor, including Amazon, Microsoft, GoDaddy and PayPal. In addition, the neighborhood benefits from high-end retail in downtown Gilbert, as well as proximity to Banner Desert Medical Center. 

About Colliers International
Colliers International (NASDAQ, TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning more than 40% of our equity, have delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management.

Learn more about how we accelerate success at corporate.colliers.com, Twitter @Colliers and LinkedIn.

Colliers International in Arizona has served clients locally and globally for more than 35 years.


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Cindy Cooke

Senior Executive Vice President

Phoenix

As a senior executive vice president with Colliers International, I lead the Cooke Multifamily Investment Team—one of the top multifamily teams in the nation. Team members are Brad Cooke, Chris Roach, Matt Roach, Kellyanne Kennedy and Cory Gernant.

With more than 30 years of experience specializing in multifamily, I provide the market insight clients use in their investment decisions. My primary focus is my relationship with clients. I understand the importance of every step from evaluation to marketing, qualifying the buyer, negotiations, due diligence, financing and closing; and am involved in every aspect of the transaction from start to finish. Through a hands-on personal approach, I provide unmatched service to my clients.

The ability to maximize value, minimize risk and accelerate velocity for clients is the driving force behind all my decisions. I leverage my knowledge and relationships for the benefit of my team’s institutional and large private capital clients.

In addition to my multifamily brokerage business, I served as Interim Manager and Designated Broker for Colliers in Greater Phoenix in 2005. From global conferences in Shanghai to daily interactions with more than 150 brokers and staff, I helped lead Greater Phoenix to become one of the top Colliers’ offices worldwide.

My brokerage career started in multifamily with an emphasis on development, property assemblage, zoning and construction. Early in my career, to accommodate the needs of clients, I started my own commercial real estate brokerage and mortgage broker firm and was the sole proprietor of these companies for 10 years. I was also the partner of Blue Ridge Park Business Park, where I assembled, zoned and planned the largest business park in Raleigh, North Carolina

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Brad Cooke

Executive Vice President

Phoenix

As an executive vice president with Colliers International, I am a member of the Cooke Multifamily Investment Team—one of the top multifamily teams in the nation. Our team includes Cindy Cooke, Chris Roach, Matt Roach, Kellyanne Kennedy and Cory Gernant. My primary role is client relationships, ensuring clients’ needs are fully met and that they are aware of the current market conditions and opportunities..

My dedication to our team’s clients and hands-on personal approach has helped create long-lasting business relationships with top national and international companies. I am responsible for client communication, property tours, coordination of the due diligence process, assisting with underwriting, and market and economic analysis. My in-depth market knowledge has proven to be a valuable asset to our clients and team.

Prior to joining Colliers in 2006, I served as a designated broker/owner of Interlock Realty, a residential real estate firm, and was also the leasing agent for over one million square feet of industrial space. My career began in 2002, as an office leasing agent, and I have since been exposed to all areas of real estate. I found my passion and focus in the multifamily investment sector of commercial real estate.

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