Cushman & Wakefield announced the firm has brokered the sale of Elevation at the Village, a newly constructed 214-unit garden-style multifamily community located on the grounds of SanTan Village open-air shopping center in the town of Gilbert (Phoenix), Arizona. Delivered in 2023, the new Class A apartment development was acquired by Cal-Am Properties, Inc., one of the largest privately held operators of RV resorts, manufactured home communities and apartment communities, in the US, for $66.5 million.
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The property was developed and sold by Scottsdale, AZ based Vedura Residential, a developer of Class A multifamily communities in selected markets of the Southwest US. David Fogler, Steven Nicoluzakis and Race Carter with Cushman & Wakefield’s Multifamily Advisory Group in Phoenix represented the seller.
“Gilbert is regarded as one of the area’s best places to live with exciting amenities, a highly skilled workforce and notable employers, and top-rated schools. Elevation at the Village is a best-in-class lifestyle community conveniently located adjacent to the SanTan Village, one of the top shopping destinations in the Southeast Valley. The quality of the project and its prime location for employees and families make it an ideal multifamily investment asset,” said Steven Nicoluzakis, Executive Managing Director.
Elevation at the Village features a range of floor plans, including studios, one-bedrooms, and two-bedrooms, with high end finishes in a contemporary design. Units of the community also include a private patio or balcony with secured storage (most units), a smart home package, and assigned cover parking.
The property also features resort style luxury pool with private cabanas, a state-of-the-art two-level fitness center and a large, well-appointed clubhouse. The community also offers a secure, gated entry, a pet park, indoor dog wash, a secured bike storage room, and barbeque areas.
