Oregon buyer adds 459 apartments

Expands holdings in Sun Belt

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Grubb & Ellis/BRE Commercial LLC brokered the sale of the 459-unit Gilbert Meadows apartment community in Gilbert, Ariz. The value of the transaction was approximately $32 million, or $69,608 per unit. The property is located at 275 W. Juniper Ave. Portland, Ore.-based Residential Equity Partners and Derek L. Brown & Associates purchased the garden-style, one-story complex from Parkside, a company formed by Charles Bluth of Glenbrook, Nev.-based Bluth Realty and Investments Inc. Gilbert Meadows is the third apartment community purchased by Residential Equity Partners and Derek L. Brown & Associates since 2005. Previous purchases include the former Bay Club at Mesa Cove, now called Midtown on Main Street, and the former La Quinta apartments in Tempe. That property is now called Paxton on Rural. The buyers are planning renovations on Gilbert Meadows, built in 1986, but the complex will remain apartments. Grubb & Ellis/BRE Commercial is a privately held commercial rea...