CBRE has completed the sale of Bayside at the Islands, a 272-unit apartment community located at 1300 West Warner Road in Gilbert, Arizona. The property commanded a sale price of $33.5 million and was 96% occupied at time of sale.
Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE’s Phoenix office negotiated the transaction. The seller was Mercury Investment Co. of Duluth, Minn. The buyer was Scottsdale, Ariz.-based P.B. Bell.
“Bayside at the Islands offers a unique investment opportunity. It combines proximity to high-wage employment with unique lakeside living, making it a highly desirable community,” said CBRE’s Tyler Anderson. “By continuing the existing value-add program, there is potential for significant operational upside through increased rental rates and value to the property.”
Bayside at the Islands is located within The Islands master planned community, one of the most coveted waterfront neighborhoods in the Southeast Valley. The community benefits from lakeside picnic areas, two resort-style pools, a resident clubhouse, and a 24-hour fitness center. The units feature vaulted ceilings, wood-style flooring, full-sized washer/dryers in unit, wood-burning fireplaces and walk-in closets.