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
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×