The property was purchased for $5.5 million, according to Vizzda LLC real estate database.
The parcel of land, north of the northeast corner of Gilbert and Ray roads in Gilbert, was sold by Chrome Inc., an entity tracing to Tony Kitchukov, on June 10, according to Vizzda.
Plans call for building a $43 million Class A garden-style apartment community with an expected completion date of late 2021.