Investors Capital Group has acquired Painted Trails, a 196-unit community in Gilbert, Ariz. from RK Properties for $48.3 million, Yardi Matrix data shows. Berkadia backed the deal with a $31.4 million, 10-year Freddie Mac acquisition loan, according to public records.
The seller picked up the asset from Wasatch Premier Communities for $25.8 million in 2013. In early 2020, RK Properties closed on the disposition of two other Class A assets in the Phoenix area. The 144-unit Del Mar Apartments changed hands for $27 million, while the 160-unit Azure Creek at Tatum Ranch in Cave Creek, Ariz. traded for $36.3 million.
Painted Trails sits on an 11-acre site at 4255 E. Pecos Road, near Arizona State University’s Polytechnic campus and Phoenix-Mesa Gateway Airport. The property is positioned 30 miles southeast of downtown Phoenix, with a major retail cluster less than a mile away.
Delivered in 2008, Painted Trails offers a unit mix of one-, two- and three-bedroom layouts across ten two-story buildings. Apartment sizes range between 745 and 1,355 square feet. Common-area amenities include a fitness center, clubhouse, spa, swimming pool, covered parking and playground.
Last February, Investors Capital Group enabled CONTI Org.’s debut in the Austin, Texas market with the sale of its 268-unit Hillside Creek community.