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Olympus Property Acquires Aiya Multifamily In Gilbert, AZ For $112M
SOLD
$112,000,000
+ 1
Arizona
See Similar DealsMultiFamily
Sold 09/18/2023
SOLD
Olympus Property Acquires Aiya Multifamily In Gilbert, AZ For $112M
2350 South Wade Drive
See Similar DealsMultiFamily
Sold 09/18/2023
+ 1
Summary
ARIZONA
Asset Type:MultiFamily
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$5,973,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$397,912.35
Cash-on-Cash Return-1.27%
Monthly Debt Service$530,937.14
Annual Debt Service$6,371,245.68
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