Pathfinder Partners Divests of The Sterling Multifamily Community in Gilbert, Arizona for $30.9M
GILBERT, ARIZ. — San Diego-based Pathfinder Partners has completed the sale of The Sterling, an apartment property in Gilbert, approximately 23 miles southeast of downtown Phoenix. Casa Anita Apartments LLC acquired the asset for $30.9 million.
Built in 2000 as condominiums, The Sterling, formerly known as The Vintage, is situated on 9.3 acres and includes 13 residential buildings consisting of six studio lofts, 21 one-bedroom/one-bath units, 40 two-bedroom/two-bath units and 40 three-bedroom/three-bath units, averaging 1,154 square feet.
Pathfinder Partners originally acquired the property in 2017 and completed at $1.4 million renovation to the asset. Renovations included building repairs; installation of a dog park and package locker; upgrading the clubhouse, leasing office and pool area; and renovating more than half of the units.
At the time of sale, The Sterling was 97 percent occupied. David Fogler of Cushman & Wakefield Multifamily Advisory Group brokered the transaction.