An entity tracing to Larry Scaramella acquired the Cambria Luxury Apartments in Gilbert on March 14 for $51.3 million from an entity tracing to Bridge Investment Group Partners, according to …
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An entity tracing to Larry Scaramella acquired the Cambria Luxury Apartments in Gilbert on March 14 for $51.3 million from an entity tracing to Bridge Investment Group Partners, according to commercial real estate site vizzda.com.
The buyer put $21 million down and took out a $31.55 million Freddie Mac loan originating with Berkadia. The loan has a maturity date of April 1, 2029.
The seller’s annualized return on investment calculates to 7.37% after previously purchasing the property for $35.13 million on Nov. 16, 2018.
The 174-unit, two-story apartment complex at 130 W. Guadalupe Road, Gilbert, has 15 residential buildings and a clubhouse building built in 2000 on 8.67 acres zoned multifamily/medium by the town of Gilbert.
The unit mix is 35 one-bedroom/one-bathroom units of 797-856 square feet; 105 two-bedroom/two-bathroom units of 936-1,153 square feet; 34 three-bedroom/two-bathroom units of 1,316-1,322 square feet.
The utilities are individually metered electricity. Units have a washer/dryer. The complex has one pool.
The assessor’s office lists the total square footage as 195,371, but broker reports vary between 222,090 square feet and 252,204 square feet.
