Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE:MMI), announced today the sale of The Wyatt, a 216-unit luxury multifamily asset in Gilbert, Arizona. The $91 million sales price represents $421,296 per unit.

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“One of the nation’s most prosperous large cities, Gilbert is a top suburban submarket target for multifamily investment in Greater Phoenix,” said Steve Gebing, IPA executive managing director. “The city attracts an affluent resident base of working professionals with average and median annual household incomes of $128,100 and $99,800, respectively. Population growth has outpaced multifamily supply by a multiple of eight since 2010, creating above average physical occupancy and extremely strong rent growth.” Gebing and IPA executive managing director Cliff David represented the seller, Thompson Thrift Residential, and procured the buyer, Decron Properties.

The Wyatt has direct frontage along Gilbert Road, the Southeast Valley’s main thoroughfare connecting Gilbert to Chandler and Mesa. Gilbert’s revitalized historic downtown Heritage District is two miles from the property. Rivulon, home to Deloitte, Morgan Stanley, Amerifirst Financial, Merrill Lynch and Isagenix International’s world headquarters, is three miles away. Residents have convenient access to Gilbert’s central business district, and shopping is close by at SanTan Village and SanTan Village Marketplace.

Completed in 2022, The Wyatt’s upscale apartment homes have nine-foot ceilings, full-size washers and dryers, and the average unit size is 980 square feet. Common area amenities includes a resort-style swimming pool and spa, pavilion with social seating and recessed fireplace, resident clubhouse, community courtyard, playground, covered parking, and detached garages.