The Premiere Residential has acquired Soltra at SanTan Village, a 380-unit luxury multifamily community in Gilbert, Ariz., for $140 million. The seller was Leon Capital Group. The transaction involved a $70 million loan from Northwestern Mutual Debt Funds, according to Yardi Matrix data. This is the buyer’s seventh acquisition in Arizona, and the first in the metro since 2007. CBRE brokered the deal.
Completed in 2022, the community comprises six buildings with one-, two- and three-bedroom units ranging from 615 to 1,414 square feet. Apartments feature 9-foot ceilings, in-unit washers and dryers, walk-in closets and private balconies or patios. Common-area amenities include a swimming pool, 24-hour fitness center, business center, dog park and picnic areas with grills.
Located at 1690 S. Santan Village Parkway, the 14-acre property is just west of Santan Freeway and roughly 27 miles from downtown Phoenix. Central Gilbert and Phoenix-Mesa Gateway Airport are both 6 miles away.
CBRE Vice Chairmen Asher Gunter, Matthew Pesch and Sean Cunningham, along with Senior Associate Austin Groen, represented the seller in the transaction. Recently, Pesch and Groen were involved in the $37 million sale of another Phoenix property.
