The Tides at Downtown Gilbert | 36 East Vaughn Avenue, Gilbert, AZ 85234 | 42 Units | $10,540,000 | $250,952 Per Unit | $218.79 Per SF
FOR IMMEDIATE RELEASE
Company Website: www.ABImultifamily.com
Phoenix, Ariz. – August 20, 2019: ABI Multifamily – the leading multifamily brokerage and advisory services firm in the Western US – is proud to announce the $10,540,000 / $250,952 Per Unit / $218.79 Per SF sale of The Tides at Downtown Gilbert in Gilbert, Ariz.
The Tides at Downtown Gilbert is a 42-unit garden-style apartment community situated in the Gilbert submarket and conveniently located near many of the town’s premier attractions, including restaurants, entertainment and the Gilbert Heritage District.
Built in 2005 and renovated in 2018-19, The Tides at Downtown Gilbert’s 42 three bed/two bath units have all been upgraded with electric stainless steel appliances, modern cabinetry, vinyl plank flooring, quartz countertops and LED-lighted ceiling fans.
ABI Multifamily Partner Eddie Chang and VP Ryan Smith represented the Seller.
"By assembling this distressed former condo property into a for-rent multifamily community, the Seller Tides Equities, was able to create a unique value proposition for the area,” Chang said. "Gilbert’s Heritage District is one of the most dynamic and engaging areas in the entire Valley, and as a result of the assemblage and the upgrades, the Buyer is now in an excellent position to realize long-term value moving forward with a solidly-structured asset in an exceptionally strong location."
Both the Buyer and Seller are private investment firms based in California.
ABI Multifamily (www.abimultifamily.com) is a brokerage and advisory services firm focused exclusively on apartment investment transactions. With offices in Phoenix, Tucson, Sacramento and San Diego, the experienced advisors at ABI Multifamily have completed billions of dollars in sales and thousands of individual multifamily transactions. ABI Multifamily incorporates a global approach with regional real estate expertise to successfully complete any multifamily transaction, regardless of size and complexity.