Phoenix, Ariz. – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of The Flats at SanTan, a 319-unit apartment complex in Gilbert, Arizona.
“The Flats at SanTan is a dynamic collection of luxury apartment homes designed to embody the affluent suburban lifestyle in Gilbert,” said Steve Gebing, IPA senior managing director. “The median household income within a one-mile radius of the property is $95,154 and the average annual household income is $120,188.”
Gebing and Cliff David, IPA senior managing director, represented the seller, Embrey Partners, and procured the buyer, Weidner Apartment Homes.
The property is located along the Loop 202 approximately six miles from downtown Gilbert. There are six employment cores within an eight-mile radius and the community is adjacent to more than 2.3 million square feet of retail and dining space. The location offers immediate access to the Central Business District, the Gateway Employment Area, the Price Corridor, and the Airpark Area in Chandler. Completed in 2018 on nearly 10 acres, The Flats at SanTan has eight residential buildings and a standalone leasing office/clubhouse/fitness center.
About Institutional Property Advisors (IPA)
With a network of senior-level investment advisors located throughout the United States and Canada, Institutional Property Advisors (IPA) is qualified to meet the needs of institutional and major private investors. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, superior support services and acclaimed research offer customized solutions for the acquisition and disposition of institutional properties and portfolios. www.institutionalpropertyadvisors.com.
About Embrey Partners, Ltd.
Established in 1974 by Walter M. Embrey, Jr., the company, its principals, and its affiliates have cumulatively been involved in over 174 successful real estate projects throughout the country focused primarily in Southwest, Southeast, Midwest and Northeast markets. These developments include over 39,000 apartment and condominium units ranging from garden-style to mid-rise construction and over 6 million square feet of commercial space. Partnering with investor clientele that includes major financial institutions, pension funds, individual investors and Fortune 500 companies, these developments have been completed for individual investment purposes, on a third party basis and through joint venture transactions.