Dealmaker: Institutional Property Advisors Brokers $112M Multifamily Sale

(Aiya photo courtesy of IPA)

Institutional Property Advisors, Calabasas, Calif., brokered the $112 million sale of Aiya, a 360-unit multifamily asset in Gilbert, Ariz.

IPA Executive Managing Directors Steve Gebing and Cliff David represented the seller, The Wolff Co., and procured buyer Olympus Property.

IPA Capital Markets Executive Director Brian Eisendrath and Senior Directors Cameron Chalfant and Jake Vitta arranged acquisition financing for the property.

“Gilbert has one of Greater Phoenix’s highest demographic profiles and Aiya’s neo-traditional design, lavish community amenities and environmentally conscious appointments make it one of the city’s premier multifamily assets,” Gebing noted.

The property’s location near Loop 202/SanTan Freeway gives residents access to Gilbert’s Gateway employment area and central business district, Elliot Road Technology Corridor and Price Corridor. Major employers in the area include Northrop Grumman, Deloitte, Morgan Stanley, Honeywell, Bank of America and Boeing. The Gilbert Medical Center and Phoenix-Mesa Gateway Airport are within a short drive.

Completed in 2022 on 16 acres, Aiya provides residents with electric vehicle charging stations, a swimming pool and spa, conference room, private office, and a community kitchen with an espresso bar. The property’s studio, one-, two- and three-bedroom floor plans have high ceilings, oversized windows and washers and dryers. Units average 875 square feet.