Wood Unloads Gilbert Apartment Community for $80M

Wood Partners sold the 248-Alta Cooley Station multifamily property in Gilbert for $80 million, which equates to $322,581 per unit. Investment Property Advisors’ Steve Gebing led a team that represented the seller and an undisclosed buyer. The property, completed in January 2023, was leased up before year-end 2023.

Major area employers are Boeing, Intel, Morgan Stanley, Northrop Grumman, and Arizona State University. Verde at Cooley Station, a 23-acre, Main Street-inspired lifestyle center with health and wellness facilities, retail, dining, and a park is within immediate walking distance.

Alta Cooley Station is a four-story asset with a swimming pool and spa, outdoor entertainment space, open-concept leasing office/clubhouse, micro-offices, private conference room, and workspaces. Apartments have a private patio or balcony. The average unit size is 957 square feet.