Gilbert Apartments Sell for $7.5 Million
Cushman & Wakefield Negotiates Sale of Williams Gateway Apartments
PHOENIX, Arizona – Cushman & Wakefield completed the sale of Williams Gateway Apartments, located at 5850 S. Power Road in Gilbert, Ariz. Nasim Sikder of Chandler, Ariz. purchased the property from Chicago-based 29SC Williams Landing, LP, a Delaware Limited Partnership, for $7.5 million ($104,166 per unit).
Executive Managing Director Jim Crews from the Cushman & Wakefield Phoenix office represented the seller.
Built in 1982, Williams Gateway Apartments is a 72-unit, two-story, garden-style complex which offers one- and two-bedroom floor plan options averaging 565 square feet. The majority of units have newly renovated interiors to include modern kitchens, full-size jet black appliances, resurfaced cabinets, wood-style flooring, upgraded light fixtures, and resurfaced bath/shower. The community offers residents a swimming pool, dog park, fire pit and barbeque, and an updated laundry center.
“The Williams Gateway Apartments represented an attractive long-term investment in one of the fastest growing areas of the Valley. The community benefits from its close proximity to the Phoenix-Mesa Gateway Airport, the Arizona State University Polytech Campus and the Eastmark Planned Community, all of which are major East Valley employment centers,” said Crews.