147-Unit Multi-Family Asset Trades in Phoenix MSA For $15.65M
Marcus & Millichap Real Estate Investment Services arranged the sale of Legacy Village at Gilbert Towne Center, a 147-unit multi-family property in Gilbert for $15.65M.
Steve Gebing, a vice president investments and Cliff David, also a vice president investments, both in Marcus & Millichap’s Phoenix office, represented the seller, Legacy Partners Residential. The buyer, a San Diego-based private investor, was represented by Dixie Hall of CBRE’ San Diego office.
“Legacy Village at Gilbert Towne Center is the signature destination for luxurious apartment living in the young and affluent town of Gilbert,” Gebing said.
“The submarket’s prominence is fueled by a well-educated and well-paid workforce,” David added.
Developed by Legacy Partners Residential in 2001, the property is at 351 E. Civic Center Dr. in Gilbert.
Legacy Village at Gilbert Towne Center’s apartment interiors have 9-foot ceilings, fully equipped gourmet kitchens with black appliances and custom cherry wood cabinetry, designer-grade carpeting and ceramic tile entries, full-sized washers and dryers, spacious walk-in closets and linen closets, and private patios or balconies with additional outside storage.
Community amenities include a clubhouse with separate clubroom, fireplace, and kitchen/wet bar, a fully appointed business center, state-of-the-art fitness center, a resort-style swimming pool and therapeutic spa with relaxing park views, serene outdoor spaces featuring ramadas and barbecue grills, controlled access gated entry, and some private detached garages with automatic door openers.