New York Life spends $32.75M for 258-unit apartment complex in Gilbert


By Business Real Estate WeeklyGilbert

A company formed by New York Life Investors in San Francisco, Calif. paid $32.75 million ($126,938 per unit) to purchase the 258-unit Desert Mirage apartments at 1333 W. Guadalupe Road in Gilbert.

The seller was HSL Desert Mirage Apartments LLC, a company formed by HSL Properties Inc. in Tucson (Humberto Lopez, principal).

Maricopa County records show Madison-MF Desert Mirage AZ LLC (entity formed by New York Life Investors) acquired the property in a cash sale. The deal was brokered through Brad Goff and Dave Lord of Apartment Realty Advisors in Phoenix.

In August 2009, BREW reported HSL Properties paying $17.9 million ($69,380 per unit) to buy Desert Mirage. The complex was built in 1998.


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