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June 15, 2024
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The Premiere Residential Closes $140 Mil AZ Res Buy


The Premiere Residential closed on its first Phoenix area acquisition in 16 years, paying $140 mil for Soltra at SanTan Village, a newly built, 380-unit ($368.4k/unit) community in Gilbert, AZ.

Located at 1690 South San Tan Village Pkwy, the luxury community's units feature nine- and 10-foot ceilings, wood-style flooring, a gourmet kitchen with granite countertops, modern white cabinetry and stainless-steel appliances.

Soltra's amenities include an expansive resident clubhouse with an entertainment island with seating for 20, gaming tables and arcade games. The community also has a two-level club-style fitness center with state-of-the-art cardio equipment and a yoga lounge. Its tiered swimming pool has a swim-up hospitality bar and private cabanas.

CBRE’s Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen represented the seller, Leon Multifamily, one of the most active multifamily developers in the greater Phoenix area.

“This property has raised the standard of luxury apartments in the East Valley, and it will continue to benefit from an extremely dynamic location within the preferred Gilbert market,” said CBRE’s vice chairman Matt Pesch.

This is The Premiere Residential’s seventh property in Arizona and the firm’s first Phoenix acquisition since 2007. Headquartered in San Diego, The Premiere Residential has developed and managed over 1,500 apartment units in Southern California since 1983.

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