Olympus Property has purchased Aiya, a 360-unit multifamily community in Gilbert, Ariz., for $112 million or $311,111 per unit. The Wolff Co. was the property’s seller. The property is near the intersection of US 60 and the San Tan Freeway.
Institutional Property Advisors brokered the transaction, with Steve Gebing and Cliff David working on behalf of the seller and procuring the buyer. The acquisition financing was arranged by a IPA Capital Markets team led by Brian Eisendrath.
Completed in 2022, the garden-style community encompasses 16 buildings with one-, two- and three-bedroom floorplans ranging between 546 square feet and 1,228 square feet.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.