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7/03/18
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Williams Gateway Apartments, a 72-unit, garden-style apartment complex in Gilbert, AZ, sold for $7.5 mil, or about $104k/unit. The property is located at 5850 S. Power Rd, just west of Phoenix-Mesa Gateway Airport.
Built in 1982, Williams Gateway Apartments is a two-story complex offering one- and two-bedroom floor plan options averaging 565 sf in size. The majority of the units have newly renovated interiors to include modern kitchens, full-size jet black appliances, resurfaced cabinets, wood-style flooring, upgraded light fixtures, and resurfaced bath/shower. The community offers residents a swimming pool, dog park, fire pit and barbeque, and an updated laundry center.
The buyer was Nasim Sikder of Chandler, AZ. The seller, Chicago-based 29SC Williams Landing LP, a Delaware Limited Partnership, was repped by Jim Crews with Cushman & Wakefield.
“The Williams Gateway Apartments represented an attractive long-term investment in one of the fastest growing areas of the Valley. The community benefits from its close proximity to the Phoenix-Mesa Gateway Airport, the Arizona State University Polytech Campus and the Eastmark Planned Community, all of which are major East Valley employment centers,” said Crews.
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