January 8, 2021
Salt Lake City-based Millburn & Company acquired Allegro at Foothills Gateway, a 264-unit apartment complex in Phoenix from Newport Beach, CA-based Sares-Regis Group for $65.1 million. The property at 4411 E. Chandler Blvd. is within the Ahwatukee submarket and encompasses 18 buildings totaling more than 234,000 square feet.
The two-story buildings were built in 1996 and are spread across nearly 13 acres at 40th St. and Chandler Blvd. The floorplan mix includes 102 one-bedroom/one-bath units, 30 two-bedroom/one-baths, 120 two-bedroom/two-baths, and 12 three-bedroom/two-baths with in-unit washers and dryers.
The community has two pools, a spa, poolside ramadas and barbeques, a clubhouse, fitness center, business center, picnic areas and garages within a gated community environment.
CBRE Capital Markets arranged $41,910,000 in new Freddie Mac debt for the deal.
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