312-UNIT MF COMMUNITY SELLS FOR $35.25 MILLION

GILBERT, ARIZ. — Memphis, Tenn.-based Mid-America Apartments L.P. has acquired Alexan Lyon’s Gate, a 312-unit apartment community located at 3301 E. Ray Rd. in Gilbert. Scottsdale, Ariz.-based TCR Ray Road Holdings LP sold the property for $35.25 million. Situated on a 15.38-acre site, the property features one-, two- and three-bedroom floor plans averaging 959 square feet. The units feature a full amenity package including 9-foot ceilings and full-size washer/dryers. Additionally, the community offers a resort-style swimming pool and spa, a clubhouse with business center, a fully equipped fitness center, a volleyball court and a cyber café. Mark Forrester and Bob Bruno of Hendricks & Partners’ Phoenix office represented the seller in the transaction.