CBRE facilitated the sale of the 380-unit multifamily community, Soltra at SanTan Village to The Premiere Residential for $140 million. The newly built property is the company’s first Phoenix acquisition in 16 years.

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CBRE’s Asher GunterMatt PeschSean Cunningham and Austin Groen represented the seller, Leon Multifamily, one of the most active multifamily developers in the greater Phoenix area.

“This property has raised the standard of luxury apartments in the East Valley, and it will continue to benefit from an extremely dynamic location within the preferred Gilbert market,” said CBRE’s vice chairman Matt Pesch.

Located at 1690 South San Tan Village Parkway in Gilbert, the luxury community’s units feature nine- and 10-foot ceilings, wood-style flooring, a gourmet kitchen with granite countertops, modern white cabinetry and stainless-steel appliances.

Soltra’s amenities include an expansive resident clubhouse with an entertainment island with seating for 20, gaming tables and arcade games. The community also has a two-level club-style fitness center with state-of-the-art cardio equipment and a yoga lounge. Its tiered swimming pool has a swim-up hospitality bar and private cabanas.

“We’ve been excited about Soltra at SanTan Village from the start and enjoyed working with CBRE and The Premiere Residential to close this transaction. We look forward to continuing to partner with both on future projects,” said David Cocanougher, President of Leon Multifamily

This is The Premiere Residential’s seventh property in Arizona and the firm’s first Phoenix acquisition since 2007. Headquartered in San Diego, The Premiere Residential has developed and managed over 1,500 apartment units in Southern California since 1983. Its combined 60-year experience in management, development and acquisitions of apartment properties has helped it continue to move towards its goal of investing in quality multifamily properties throughout the Western United States.