Multifamily complex sells in fast-growing desert town

Out-of-state investor builds holdings in metro area

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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, ampl...