THE CHANDLER ARIZONAN | WWW.CHANDLERNEWS.COM | JANUARY 9, 2022
27 BUSINESS
State’s first candyland-bar opens in Chandler BY KEN SAIN Arizonan Staff Writer
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abdi Hess said it wasn’t hard coming up with the inspiration for a new kind of tap room. She and her husband Kyle have a three-year-old child. “We wanted something different,” Zabdi said. “There’s lots of tap rooms in the area, but we wanted to stand out, and offer different pairings with candy and beer.” So that’s how she came up with the idea to open The Sugar Bar at Warner and McQueen roads in Chandler. It’s Arizona’s first bar and candy store. It’s a family-friendly place where a couple can bring their children. While they are sampling craft beers, the kids can eat candy or select one of the board
Zabdi and Kyle Hess have opened The Sugar Bar at Warner and McQueen roads in Chandler. It’s Arizona’s first bar and candy store. (David Minton/Arizonan Staff Photographer)
games to play. “Outside of downtown Chandler and downtown Gilbert, between them there’s not much in terms of craft beer availability,” Kyle said. “We did our demographic research too, and around here there’s a ton of that 30-to-45 year range, … one or two kids, so that family demographic that we’re looking for.” The Sugar Bar opened in early December and Kyle said they’ve been very happy with the turnout. “It’s been awesome man,” Kyle said. “We’ve been busy pretty much every day. Mondays and Tuesdays are a little slower, per the usual, but every weekend is busy.” Before opening their combination bar and candy shop, Kyle worked in digital
see SUGAR page 29
Chandler apartment complexes selling at record prices BY PAUL MARYNIAK Arizonan Executive Editor
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he rush by major investors to gobble up apartment complexes at eye-popping prices came to Chandler big time in recent months. Five Chandler complexes since August sold for twice to three times the price paid by their previous owners within as little as 13 months and no longer than six years, according to data compiled by the Valley real estate tracker vizzda.com. Those sales reflect an ongoing pattern by large real estate investment companies, whose interest has been piqued by steadily increasing rents in a tight housing market in Maricopa County, where thousands of out-of-state residents are coming to live. Throughout the East Valley, eight- and nine-figure deals have been consummated within the past 12 months, data show. “There’s more money than ever bet-
ting that apartment rents are heading to new heights,” Bloomburg.com reported, citing a Real Capital Analytics report that investors spent $53 billion on multifamily real estate nationally in just the second quarter of 2021 alone. They and other experts also point to the fact that rent offers a steady longterm income stream largely unaffected by the economic fluctuations that impact the re-sale and new single-family market. The five recent mega-transactions for Chandler complexes included: • The October sale of the Greens Apartments at 125 S. Alma School Road for $125.3 million – nearly three times the 2015 sale price of $46.2 million. That sale by the Phoenix-based Conam Group of Companies to Decron Properties of Los Angeles worked out to $186,250 for each of the 324 apartments spread out across 28 two-story buildings.
• The September sale to Windemere Investments of Texas of the Soleil Apartments at 725 No. Dobson Road for $63 million – less than two years after the seller, 3rd Avenue Investments of Phoenix, bought the 188-apartmentsturned-condo complex for $40 million. That represented a per-unit price of $335,106. • California-based Davlyn Investments’ Dec. 15 acquisition of the 280-unit Broadstone Trevio on S. Ellis Street for $114.4 million – more than twice the $47.5 million price that seller TruAmerica Multifamily paid for the 16-year-old complex in 2015. • The purchase by Scottsdale-based Private Portfolio Group and subsidiary Pillar Communities of the 116-townhouse complex called Villas at Chandler Heights last month for $55.1 million only three years after The Carte Group, the seller, bought it for half that price.
• Last month’s sale of the Marquis at Chandler complex at 2200 W. Frye Road by Pacific Coast Capital Partners to Texas-based CWS Capital Partners for $150 million – 11 months after Pacific bought it for $95 million. That transaction represented a price of $441,176 for each of the Marquis complex’s 340 apartments that are spread across nine four-story buildings. Both Decron Properties and CWS Capital Partners are real estate investment management companies with similar financial objectives. CWS says on its website, “We seek investment opportunities with the primary objective of strong growth potential while maintaining preservation of capital.” Stressing that it is primarily a builder, Decron Properties states its development philosophy “blends land use, en-
see APARTMENTS page 29
