Bayside at the Islands Apartments Sell for $33.5 Million

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The 272-unit Bayside at the Islands Apartments in Gilbert sold Tuesday for $33.5 million, or over $123,000 per unit. Southwest Capital Ventures purchased the property care of PB Bell, funded by a $27 million Freddie Mac loan. Mercury Investments was the seller in this transaction.

These waterfront apartments are located east of the northeast corner of McQueen and Warner Roads. It has a unit mix of one, two, and three-bedroom floorplans, in-unit washer and dryer, pool, and basketball/volleyball court. They were built in 1987 on twelve acres.

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Siena Apartments Sell for Over $31 Million

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Scottsdale investors PB Bell Companies purchased the 352-unit Siena Apartments located west of the northwest corner of 48th Street and Baseline Road for $31.025 million, or $38,785 per unit. The sale was financed by a $27.525 million note with NXT Capital. Sellers Mabry Management had acquired the apartments for $13 million three years prior.

The Siena Apartments consist of 22 two-story buildings with one, two, and three-bedroom floorplans built in 1986 and remodeled in 2001. Amenities include three pools, clubhouse, and on-site laundry facility. It is located just a mile east of the Arizona Mills Mall.

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