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12/24/20
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The Sterling, a 107-unit community in Gilbert, AZ, sold in a recent, $30.9 mil ($289k/unit) deal. The property, located 23 miles southeast of downtown Phoenix, was acquired by Casa Anita Apartments LLC.
The Sterling, previously named “The Vintage”, was originally built in 2000 as condominiums. It is situated on 9.3 acres and includes 13 residential buildings consisting of six studio lofts, 21 one-bedroom/one-bathroom, 40 two-bedroom/two-bathroom and 40 three-bedroom/three-bathroom units averaging 1.2k sf in size.
The Sterling was 97% occupied at the time of the sale. It was sold by Pathfinder Partners, who acquired the asset in December 2017 and completed $1.4 mil in extensive renovations. The work included repainting the buildings, installing a dog park and package locker, renovating more than half of the units and upgrading the clubhouse, leasing office and pool area.
According to Lorne Polger, senior managing director of Pathfinder Partners, The Sterling’s location – only two miles from the Gilbert Heritage District, a popular shopping destination – plays an important role in the property’s value. The city of Gilbert boasts a combination of strong employment growth and a nationally ranked school system.
David Fogler of Cushman & Wakefield Multifamily Advisory Group was involved in brokering the transaction.
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