DTZ, a global leader in commercial real estate services, announced today that Clear Sky Vintage, LP (Clear Sky Capital, Marcus Kurschat – principal) purchased The Vintage, a 106-unit apartment community at 1303 West Juniper Avenue in Gilbert, AZ, for $14.25 million ($134,434 per unit).
The seller was Vintage Gilbert, LLC (Matt and Sam Blank, Darryl Berger, Rustin Randal – principals).
DTZ Executive Managing Directors David Fogler and Steven Nicoluzakis represented Clear Sky Capital during the transaction.
“This was an excellent opportunity for the buyer to acquire a solid asset built in 2000, in a great location, with the ability to unlock value through a light renovation,” said Mr. Nicoluzakis.
The Vintage was built in 2000 and was slated for a condominium conversion prior to being purchased by the seller through a Trustee Sale in 2013. The complex features large studio loft, one-, two-, and three-bedroom units averaging over 1,150 square feet, with attached and detached garages, a clubhouse with fitness and business centers, swimming pool and spa and gated entrance.