Phoenix, Ariz. – ABI Multifamily 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 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.