Olympus Property Acquires Aiya Multifamily In Gilbert, AZ For $112M
2350 South Wade Drive
$112,000,000
Units
360
Asset Type
MultiFamily
Closing
Sep 18, 2023
AI
Olympus Property has acquired Aiya, a 360-unit multifamily community in Gilbert, Arizona. The property, located at 2350 South Wade Drive, was sold by Wolff Co for a total sale price of $112 million, which translates to $311,111 per unit.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $112,000,000
- Address: 2350 South Wade Drive, Gilbert, AZ
- Market: Gilbert, AZ
- Buyer: Olympus Property - Chandler Wonderly
- Seller: Wolff Co - Jay Petkunas
- Brokers: Cliff David & Steve Gebing - Institutional Property Advisors
- Mortgage Brokers: Brian Eisendrath - Institutional Property Advisors
- Units: 360
- PPU: $311,111
The transaction was facilitated by brokers Cliff David and Steve Gebing from Institutional Property Advisors. Brian Eisendrath, also from Institutional Property Advisors, served as the mortgage broker for the deal.
Players
Gilbert MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.14%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93