CBRE negotiates $67.85M sale of SanTan by Baron
CBRE has negotiated the sale of SanTan by Baron, a 315-unit garden-style apartment community in Gilbert for $67.85 million. The buyer was Baron Properties and the seller was Pillar Communities & Private Portfolio Group. The community was originally named Pillar at SanTan.
Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE in Phoenix represented Pillar Communities in the transaction.
SanTan by Baron sits adjacent to the Loop 202 Freeway and is just east of Gilbert’s SanTan Shopping District, which consists of 2.3 million square feet of retail, and SanTan Village Mall, a Class A, open-air lifestyle center that includes major retail and entertainment attractions such as TopGolf, Main Event Entertainment and Harkins Theatres. The property is located in ‘Arizona’s fastest growing city,’ according to WalletHub, and the third ‘most livable city’ in the U.S. (SmartAsset, 2018)
Constructed in 2009, the property features large studio, one-, two- and three-bedroom floorplans with nine-foot ceilings, well-appointed kitchens and patios/balconies. Common area amenities include a resort-style swimming pool and spa, poolside lounge and kitchen, fitness center, outdoor picnic areas with grills and a playground.
Attractive lifestyle factors and accelerating employment growth are resulting in heightened demand for multifamily housing in the submarket. Multifamily net absorption in Gilbert exceeded 2,200 units in 2018, which ranked No. 1 among all Phoenix submarkets, according to CBRE research.
Baron continues to be aggressive with value-add acquisitions in metro Phoenix led by Brett Erb, Director of Acquisitions. Baron Properties is a real estate owner, manager, and developer headquartered in Denver, and operates in the Denver, Phoenix, Colorado Springs, Houston, Dallas, Milwaukee, and Boise markets. Baron Properties currently manages more than 3,500 multifamily units, with more than 2,100 located in Greater Phoenix.