Berkadia today announced the $5.88 million sale of 15 gross acres in the Gilbert submarket of metro Phoenix. Senior Managing Directors Mark Forrester and Ric Holway, Senior Director Dan Cheyne and Director Andrew Curtis of Berkadia’s Phoenix office completed the sale and represented the seller. The buyer is Continental 472 Fund, LLC. The deal closed on August 7.

Continental Properties Company plans to develop 276 luxury apartments on this parcel that is situated on the northeast corner of Recker and Williams Field Road convenient to the multiple existing and announced future employment, service, recreational hubs in Gilbert, in and around Gateway Airport, Queen Creek, and Mesa.