Gilbert Rental Community Fetches $66.5M

An apartment complex in the town of Gilbert has sold for over $300,000 a unit. The newly delivered Elevation at the Village is a 214-unit garden-style multifamily community on the grounds of San Tan Village shopping center. Can-Am was the buyer. The property was sold and developed by Vedura Residential. The sales price was $66.5 million.

Steven Nicoluzakis led a Cushman Wakefield team that represented the seller, “Gilbert is regarded as one of the area’s best places to live with exciting amenities, a highly skilled workforce and notable employers, and top-rated schools. Elevation at the Village is a best-in-class lifestyle community conveniently located adjacent to the SanTan Village, one of the top shopping destinations in the Southeast Valley.”

Elevation at the Village features a private patio or balcony with secured storage (most units), a smart home package, and assigned cover parking. The property also features resort style luxury pool with private cabanas, a state-of-the-art two-level fitness center and a large, well-appointed clubhouse.