Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Aiya, a 360-unit multifamily asset in Gilbert, Arizona. The property sold for $112 million, or $311,111 per unit.
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“Gilbert has one of Greater Phoenix ‘s highest demographic profiles and Aiya’s neo-traditional design, lavish community amenities and environmentally conscious appointments make it one of the city’s premier multifamily assets,” said Steve Gebing, IPA executive managing director. Gebing and Cliff David, IPA executive managing director, represented the seller, The Wolff Company, and procured the buyer, Olympus Property. IPA Capital Markets executive director Brian Eisendrath and senior directors Cameron Chalfant and Jake Vitta arranged the acquisition financing.
The property’s location near Loop 202/SanTan Freeway gives residents access to Gilbert’s Gateway Employment Area and Central Business District, Elliot Road Technology Corridor, and Price Corridor. Major employers in the area include Northrop Grumman, Deloitte, Morgan Stanley, Honeywell, Bank of America, and Boeing. Shopping and entertainment are close by at SanTan Village and the Chandler Fashion Center. The Gilbert Medical Center and Phoenix-Mesa Gateway Airport are within a short drive.
Completed in 2022 on 16 acres, Aiya provides residents with electric vehicle charging stations, a swimming pool and spa, conference room, private offices, and a community kitchen with an espresso bar. The property’s studio, one-, two- and three-bedroom floor plans have high ceilings, oversized windows and washers and dryers. The average unit size is 875 square feet.
