Berkadia announced today the land sale of Residences at Gilbert Town Square development site, located at the southwest corner of Warner and Gilbert roads. Senior Managing Director Mark Forrester, Managing Director Ric Holway, Vice President Dan Cheyne and Associate Tom Wolff of the Phoenix office negotiated the transaction. Gilbert Town Square is a two-parcel site, approximately 14.36 acres in size and zoned for 307 apartments. The land sold for $4.25 million on January 15, 2016. The price equates to $6.80 per square foot or $13,844 per zoned unit.
The seller was TAFC Illinois, LLC of Chicago, Illinois. The buyer was EPOCH Gilbert Town Square Apartments, LLC of Winter Park, Fla.
“The Gilbert area is a strong market for new multifamily properties,” said Forrester. “This site, conveniently located near both Loop 101 and U.S. Route 60, offers an ideal location for apartment housing. The buyer is a developer who saw a great opportunity to tap into a highly paid, welleducated tenant community.”
The land is five miles from Downtown Gilbert and four miles from San Tan Village shopping center. Top employers in the immediate area include Mercy Gilbert Medical Center, Mesa Community College, City of Chandler and Empire Southwest. The subject site is part of the 66-acre Gilbert Town Center, the mixed-use city center of Gilbert. Encompassed by the Town Center is the Gilbert Civic Center, a hub for town services including offices for all major town functions, including a police station and municipal court.