“Averaging 30 net leases per month after opening in January 2023, Alta Cooley Station achieved one of the strongest multifamily lease-ups in Gilbert’s history,” said Steve Gebing, IPA executive managing director. “With average and median household incomes of $130,000 and $101,500 respectively, Gilbert has one of the strongest demographic profiles in Arizona. Gilbert, Chandler, and Mesa combined have the highest concentration of high-tech manufacturing, finance, and business services employers in the Valley.” Gebing and IPA executive managing director Cliff David represented the seller, Wood Partners, and procured the buyer, a private California based individual.
Alta Cooley Station in Gilbert sells for $80 million
Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Alta Cooley Station, a 248-unit, mid-rise multifamily property in Cooley Station, an upscale master-planned community in Gilbert, Arizona. The asset traded for $80 million, which equates to $322,581 per unit.
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- Major area employers are Boeing, Intel, Morgan Stanley, Northrop Grumman, and Arizona State University.
- Verde at Cooley Station, a 23-acre, Main Street-inspired lifestyle center with health and wellness facilities, retail, dining, and a park is within immediate walking distance.
Alta Cooley Station is a four-story asset with a swimming pool and spa, outdoor entertainment space, open-concept leasing office/clubhouse, micro-offices, private conference room, and workspaces. Apartments have expansive floorplans, nine- and 10-foot ceilings, extra-wide entryways, laundry closets with full-size washers and dryers, and a private patio or balcony. The average unit size is 957 square feet.
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