ARA, a Newmark Company (ARA Newmark) announces the sale of Gateway on Gilbert, a 432-unit apartment community located in Mesa, Ariz.
Denver-based Capital Real Estate purchased the property for $47,200,000 or $98,843 per unit. ARA Newmark Executive Managing Director Brad Goff and Associate Director Chris Canter represented the seller, Hamilton Zanze & Co. in the transaction.
Gateway on Gilbert was built in 1985 and features both one and two-bedroom unit types ranging from 579 to 1,042 square feet.
Community amenities include 4 swimming pools, a spa/hot tub, a newly renovated fitness center, lighted tennis court, basketball court, sand volleyball court, fenced dog park, a children’s play area, and a clubhouse. Select units have been renovated to include modern appliances, vinyl wood plank flooring and contemporary fixtures.
Situated in the thriving Southeast Valley, Gateway on Gilbert is not only located in one of the strongest rental markets in the metro area with less than a 5% vacancy rate, it is surrounded by retail, restaurants, golf courses and city parks.
The property is also proximate to numerous employment corridors such as Downtown Mesa, Falcon Field, the Gateway District and the Price Road Tech Corridor, which has been dubbed the “Silicon Desert” and has become a magnet for high-tech companies. The property also provides residents with immediate access to the US-60 freeway allowing for a convenient connection to the entire Valley.