LWI Properties purchased the 17 acres located at SW Ray Road and San Tan Village Parkway in Gilbert, AZ from SanTan Development Group, Inc. for $5.34 million, or about $7 per square foot.
The buyer will develop SanTan Village Apartments, a 382-unit multifamily complex expected to break ground this quarter. The property closed after a lengthy escrow period due to permits, rezoning and off-sites.
Brent Moser, Mike Sutton, and Brooks Griffith of Cassidy Turley BRE Commercial represented the seller.
Please see CoStar COMPS #2243233 for more information on this transaction.