Pathfinder Partners, a San Diego-based firm specializing in multifamily real estate investments, announced the sale of The Sterling, a 107-unit community in Gilbert, Arizona, 23 miles southeast of downtown Phoenix. The property was acquired by Casa Anita Apartments, LLC for $30.9 million.
The Sterling (previously named “The Vintage”), built in 2000 as condominiums, is situated on 9.3 acres and includes 13 residential buildings consisting of six studio lofts, 21 one-bedroom/one-bathroom, 40 two-bedroom/two-bathroom and 40 three-bedroom/three-bathroom units averaging a spacious 1,154 square feet.
According to Lorne Polger, senior managing director of Pathfinder Partners, his firm purchased The Sterling in December 2017 and completed $1.4 million in extensive renovations. “We understood the importance of The Sterling’s location—only two miles from the Gilbert Heritage District, a popular shopping destination. Additionally, the city boasts a combination of strong employment growth and a nationally ranked school system.”
Pathfinder invested in repainting the buildings, installing a dog park and package locker, renovating more than half of the units and upgrading the clubhouse, leasing office and pool area.
The Sterling was 97 percent occupied at the time of the sale. David Fogler of Cushman & Wakefield Multifamily Advisory Group brokered the transaction.