BRE announced the sale of the 300-unit Class A multifamily community Riata to EPI LP for $91 million.
CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter, Matt Pesch, and Mark McFate of Phoenix Multifamily Institutional Properties represented the seller, San Antonio, Texas-based real estate developer Embrey Partners. Martin Cohan of Marcus and Millichap and Cliff David of IPA represented the buyer.
Built in 2020, Riata features resort-inspired amenities, including a two-story clubhouse with billiards table, arcade games and a dedicated business center. The fully equipped club-style gym includes a separate yoga and fitness studio with spin bikes. Riata’s pool and spa area features a fire pit plus covered seating and open sun decks.
Riata is adjacent to Chandler Fashion Center, a 1.3 million square feet super regional mall, and the community is situated at the gateway to the Price Road Corridor in Chandler, the hub of Phoenix’s high-tech manufacturing and financial services employment.