315-Unit Class A Gilbert Apartment Community Sells for $67.85 Million

CBRE has negotiated the sale of Pillar at SanTan, a 315-unit garden-style apartment community in Gilbert, Ariz. for $67.85M. The buyer was Baron Properties and the seller was Pillar Communities & Private Portfolio Group.

Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE in Phoenix represented Pillar Communities in the transaction.

Pillar at San Tan sits adjacent to the Loop 202 Freeway and is just east of Gilbert’s SanTan Shopping District, which consists of 2.3 million square feet of retail, and SanTan Village Mall, a Class A, open-air lifestyle center that includes major retail and entertainment attractions such as TopGolf, Main Event Entertainment and Harkins Theatres. The property is located in ‘Arizona’s fastest growing city,’ according to WalletHub, and the third ‘most livable city’ in the U.S. (SmartAsset, 2018)

Constructed in 2009, the property features large studio, one-, two- and three-bedroom floorplans with nine-foot ceilings, well-appointed kitchens and patios/balconies. Common area amenities include a resort-style swimming pool and spa, poolside lounge and kitchen, fitness center, outdoor picnic areas with grills and a playground.

Attractive lifestyle factors and accelerating employment growth are resulting in heightened demand for multifamily housing in the submarket. Multifamily net absorption in Gilbert exceeded 2,200 units in 2018, which ranked #1 among all Phoenix submarkets, according to CBRE research.