Pathfinder Partners, a San Diego-based firm specializing in multifamily real estate investments, announced today the sale of The Sterling, a 107-unit community in Gilbert, Arizona, 23 miles southeast of downtown Phoenix. The property was acquired by Casa Anita Apartments, LLC for $30.9 million.
The Sterling (previously named “The Vintage”), built in 2000 as condominiums, is situated on 9.3 acres and includes 13 residential buildings consisting of six studio lofts, 21 one-bedroom/one-bathroom, 40 two-bedroom/two-bathroom and 40 three-bedroom/three-bathroom units averaging a spacious 1,154 square feet.
According to Lorne Polger, senior managing director of Pathfinder Partners, his firm purchased The Sterling in December 2017 and completed $1.4 million in extensive renovations. “We understood the importance of The Sterling’s location – only two miles from the Gilbert Heritage District, a popular shopping destination. Additionally, the city boasts a combination of strong employment growth and a nationally ranked school system.”
Pathfinder invested in repainting the buildings, installing a dog park and package locker, renovating more than half of the units and upgrading the clubhouse, leasing office and pool area.
The Sterling in Gilbert was 97% occupied at the time of the sale. David Fogler of Cushman & Wakefield Multifamily Advisory Group brokered the transaction.
