Potential buyer signs letter of intent for Elevation Chandler

A potential buyer has signed a letter of intent to purchase Elevation Chandler, the site near Loops 101 and 202 that was to be a hotel but that has become a long-vacant eyesore. Archstone Apartments of Englewood, Colo., is interested in building luxury apartments on the 10.5-acre site that holds a partly built, abandoned structure. The property is on the southern edge of Chandler Fashion Center. The purchase price was not immediately made public. As of March 31, Archstone owned 428 communities totaling 76,891 apartments in the U.S. and Europe. It owns communities mainly in coastal cities, including Los Angeles, San Diego, Seattle, New York and Boston. "We focus mostly on high-end class A apartments," said spokesman Peter Jakel. In Arizona, the company owns Ironwood Apartments at Santan in Gilbert, Tempe Groves in Tempe, Archstone Desert Harbor in Peoria and Archstone Arrowhead in Glendale.

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