Apartment complex sells for 118.5 million near Santan Village
🏢 Property Overview & Sale Details
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The address corresponds to a multi-family apartment complex known as Redstone at SanTan Village, built in 2012/13, featuring 52 buildings and about 382 units across 15.8 acres.
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According to Redfin, this property was sold on June 26, 2025, for a whopping $118.5 million—that's around $48,645 per square foot for the 2,436 sq ft structure that Redfin lists as the main building
For comparison:
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The same property previously sold in August 2017 for $71.5 million, making this a 66% price increase over about eight years
📊 What Does It Mean?
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Price appreciation: The property gained nearly $47 million in value from 2017 to 2025—a strong indicator of booming demand in the Gilbert apartment/rental market.
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Scale & ownership: While the headline sale figure reflects the entire parcel and its 50+ units, Redfin reports the sale price tied to a 2,436 sq ft segment—but that’s likely the recorded legal parcel. The transaction reflects the full-scale development’s value nonetheless.
🏘️ Context & Nearby Rentals
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This address is part of a luxury apartment complex with amenities such as resort-style pool, fitness center, pet-friendly policies, and parking options
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Individual units within the complex (1–3 beds) typically rent for approximately $1,400–$2,400+/month, depending on size and layout
| Price | Growth Since 2017 | |
|---|---|---|
| August 2017 | $71.5 million | Baseline |
| June 26, 2025 | $118.5 million | +66% |
🧭 Bottom Line
The June 2025 sale marked a massive exit for the developer or investor behind Redstone at SanTan Village—an impressive return reflecting strong real estate fundamentals in Gilbert and Maricopa County. The property’s value and rental income potential make it a flagship example of high-end suburban multi-family investments in the Phoenix metro region.
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