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29th Street Capital Flips Williams Gateway Apts. in Gilbert

Local Investor Pays $7.5 Million for 72-Unit Multifamily Complex
July 9, 2018
The 72-unit Williams Gateway Apts. at 5850 S. Power Rd. in Gilbert, AZ



Nasim Sikder, a local investor, purchased a 72-unit multifamily complex in Gilbert, AZ from San Francisco-based 29th Street Capital. Williams Gateway Apts. sold for $7.5 million, or about $104,000 per unit.

The garden-style complex at 5850 S. Power Rd. comprises one- and two-bedroom units ranging from 466 to 672 square feet in six, two-story buildings. The property spans approximately three acres across from Arizona State University Polytechnic Campus, less than two miles from Phoenix-Mesa Gateway Airport.

“The Williams Gateway Apts. represented an attractive long-term investment in one of the fastest growing areas of the Valley,” said Jim Crews, executive managing director of Cushman & Wakefield, in a statement.

Crews represented the seller, which originally purchased the property in March 2015 for $4.15 million, or about $58,000 per unit, CoStar data shows.

Please refer to CoStar COMP #4288651 for additional information regarding this transaction.

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