CBRE Arranges Sale of Elevation San Tan Apartments for $91.179 Million

Phoenix — August, 2021 — CBRE handled the sale of the 297-unit multifamily community Elevation San Tan on behalf of Vedura Residential to PrivatePortfolio Group LLC for $91.179 million.

CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of Phoenix Multifamily Institutional Properties represented the seller.

Completed in 2021, Elevation San Tan is a luxury multifamily community in Gilbert, Ariz. The community’s amenities include a two-level fitness center with state-of-the-art equipment, resort-inspired swimming pool area with cabanas and barbeques, fourth-floor sky lounge and party suite, two gated dog parks, and a resident clubhouse with elegant seating areas, built-in workstations and gaming rooms.

“Vedura Residential delivered a best-in-class community to a very competitive multifamily market,” Anderson said. “Elevation San Tan’s amenities and unit interiors bring a new level of luxury apartment product to Gilbert.”

The community’s unit interiors feature 9- to 11-foot ceilings, wood-style plank flooring and upgraded carpeting, walk-in closets with built-in corner shelving, and backlit LED mirrors in every bathroom. Gourmet kitchens include quartz countertops and custom backsplashes, stainless steel appliances with side-by-side refrigerators, under-mounted large bowl sinks with gooseneck faucets, and shaker-style upper kitchen cabinets and pantries.

“Elevation at San Tan is an excellent complement to our portfolio of Class A communities in Phoenix,” said PrivatePortfolio Group president Melanie Prock. “We are confident in the long-term economic outlook for Phoenix and we continue to search for well-located, Class A communities in high-growth submarkets.”

PrivatePortfolio Group, LLC, entering its 24th year of operation in May 2021, has acquired and managed on behalf of affiliated entities 10,355 Class A apartment units, totaling $1.51 billion, spread among 29 communities in the Phoenix metropolitan region and 9 in the Seattle metropolitan region.

Headquartered in Scottsdale, Ariz., Vedura Residential is a developer of Class A multifamily communities in select markets of the Southwest U.S.

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