Two Valley apartment communities sell for more than $80M each; plus 5 more deals to know


A 248-unit mid-rise apartment complex in Gilbert has traded hands in an $80 million transaction.Atlanta-based Wood Partners sold Alta Cooley Station, located at 2550 S Recker Road, to a private individual based in California, according to a Dec. 26 announcement. Wood Partners was represented in the transaction by Steve Gebing and Cliff David of Institutional Property Advisors, which also procured the buyer. IPA is a division of California-based Marcus & Millichap (NYSE: MMI).The four-story complex has an average unit size of 957 square feet.“Averaging 30 net leases per month after opening in January 2023, Alta Cooley Station achieved one of the strongest multifamily lease-ups in Gilbert’s history,” Gebing said in a statement. “With average and median household incomes of $130,000 and $101,500 respectively, Gilbert has one of the strongest demographic profiles in Arizona. Gilbert, Chandler, …

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