After recently acquiring the 367-unit Harper for $57 million, The Praedium Group has bought the 306-unit Town Commons in Gilbert, Ariz. Maricopa County public records show Epoch Residential sold the community for $73.6 million. Additionally, New York Life Insurance Co. originated a $46 million acquisition loan for the new owner.
Located at 1000 S. Gilbert Road, the asset has access to US-60, US-202, US-101 and Interstate 10, with downtown Phoenix being 25 miles southeast. According to Shaun Houlihan, analyst with The Praedium Group, the positioning grants residents access to more than 400,000 square feet of retail and entertainment options within walking distance. The property is situated inside the Gilbert Town Square mixed-use shopping center, which features restaurants, fitness centers, retail, a 44-lane bowling alley and a 14-screen Megaplex movie theater. Additionally, the asset is close to several employment corridors, such as East Valley—where national corporations such as JP Morgan and Intel relocated—and Gilbert’s CBD, where Deloitte opened a 2,500-person corporate campus.
The community comprises a mix of one-, two-, three- and four-bedroom apartments in two two-story townhouse buildings, 10 two-story carriage homes and 12 three-story garden style buildings completed last year on a 21.1-acre site. Common-area amenities include a pool, clubhouse, dog park, outdoor lounge with bonfire pits and BBQ area. In May, the asset was 91.8 percent leased, according to Yardi Matrix information.