Gilbert apartment complex sells for $66.5 million

The Elevation at the Village apartment complex in Gilbert has sold for $66.5 million, according to commercial real-estate site vizzda.com. 

A tenancy in common group tracing to Fred J. Fleming & Nancy Oren acquired the property Dec. 15 from an entity tracing to Vedura Residential, with $34 million down and a $32.5 million Freddie Mac loan originating with Walker & Dunlop. The loan has a maturity date of Jan. 1, 2035. 

The 214-unit apartment complex at 1935 S. Santan Village Parkway, Gilbert, has four four-story buildings and three two-story buildings built in 2021 on 6.53 acres. 

The complex has an outdoor pool, gated entrance and covered parking for 36 studios, 117 one-bedroom apartments and 61 two-bedroom apartments.