Sperry Van Ness recently arranged the off-market sale of Desert Mirage I, a 258-unit luxury apartment community in Gilbert, Ariz.

The value of the transaction was approximately $34.4 million.

Seattle-based S-J Management purchased the property, which is located at 1333 W. Guadalupe Road, from Tempe, Ariz.-based Scott Communities.

The buyer, an apartment investor group that has purchased more than 4,000 units in the Phoenix area, beat out a prospective buyer interested in converting the property into condos, according to a press statement.

Originally built in 1998, the 21-building property situated on 17 acres of land was 95 percent occupied at the time of sale. It features six studio units, 72 one-bedroom/one-bathroom units, 144 two-bedroom/two-bathroom units and 36 three-bedroom/two-bathroom units. The luxury, gated apartment community includes a clubhouse, fitness center, business office, two community pools, two spas, various courtyards, large floor plans, in-room security, ample parking and garages for its tenants.

Irvine, Calif.-based Sperry Van Ness is a commercial real estate investment brokerage operating in 35 states.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Refer friends to Select and get $200 in credit.Register Here×
Connect Now is less than two weeks away. Prices go up May 30.Reserve your seat today.×