GSL Properties Acquires Cadia Crossing Multifamily Community From Blackstone For $80 Million

A multifamily apartment community located at 230 East Civic Center Drive in Gilbert, Arizona, was sold for $80 million. This property encompasses 256 units, resulting in a price per unit of $312,500. The buyer, GSL Properties, took on a significant financial obligation by assuming a $49.99 million Fannie Mae loan, which was facilitated by Grandbridge Real Estate Capital in February 2026.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $80,000,000
• Buyer: GSL Properties
• Seller: Stephen A. Schwarzman - Blackstone
• Broker: Kidder Mathews
• Units: 256
• Price Per Unit: $312,500

The acquisition was executed by GSL Properties from seller Stephen A. Schwarzman, representing Blackstone. Kidder Mathews facilitated the transaction, ensuring a smooth transfer of ownership for the multifamily asset.