Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of The Flats at SanTan, a 319-unit apartment complex in Gilbert, Arizona.

“The Flats at SanTan is a dynamic collection of luxury apartment homes designed to embody the affluent suburban lifestyle in Gilbert,” said Steve Gebing, IPA senior managing director. “The median household income within a one-mile radius of the property is $95,154 and the average annual household income is $120,188.”

Gebing and Cliff David, IPA senior managing director, represented the seller, Embrey Partners, and procured the buyer, Weidner Apartment Homes.

The property is located along the Loop 202 approximately six miles from downtown Gilbert. There are six employment cores within an eight-mile radius and the community is adjacent to more than 2.3 million square feet of retail and dining space. The location offers immediate access to the Central Business District, the Gateway Employment Area, the Price Corridor, and the Airpark Area in Chandler. Completed in 2018 on nearly 10 acres, The Flats at SanTan has eight residential buildings and a standalone leasing office/clubhouse/fitness center.