A California group has bought 17.8 acres in Chandler for $5.3 million and plans to develop apartments on the property.
The property is approved for 320 multifamily units.
The Frankle Family Trust bought the Elizann site near Germann and McQueen roads in the Easte Valley.
The sellers were Equine Property Investments Arizona LLC and Blue Trail Nevada LLC.
Berkadia Managing Directors Mark Forrester and Ric Holway brokered the sale.
The site is near Loops 101 and 202 in Chandler.
Multifamily projects are in the middle of a post-recession boom around the Valley. Several apartment and condominium projects are under construction with hundreds of units poised to come online in areas such as downtown Phoenix.
Mike Sunnucks writes about stocks and financial markets, real estate, government and sports business.