Phoenix-Area Rental Property Flips for $140M

The Premiere Residential purchased the recently built property for just under $370,000 a unit, their seventh property in Arizona. The Soltra at SanTan Village is a 380-unit, amenity-rich property in Gilbert. Leon Multifamily, the seller, is among the most active multifamily developers in the greater Phoenix area. They were represented by a CBRE team led by Matt Pesch.

“This property has raised the standard of luxury apartments in the East Valley, and it will continue to benefit from an extremely dynamic location within the preferred Gilbert market,” said CBRE’s Pesch. 

Soltra’s amenities include an expansive resident clubhouse with an entertainment island with seating for 20, gaming tables and arcade games. The community also has a two-level club-style fitness center with state-of-the-art cardio equipment and a yoga lounge. Its tiered swimming pool has a swim-up hospitality bar and private cabanas.