Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Watermark at Gateway Place, a 250-unit apartment asset in Gilbert, Arizona. The property sold for $84.35 million, which represents $337,400 per unit.
“Watermark at Gateway has best-in-class amenities in a top-tier location,” said Steve Gebing, IPA executive managing director. “The community’s quality and attractiveness were demonstrated with an accelerated lease-up and achievement of stabilized occupancy in less than one year.” Gebing and IPA executive managing director Cliff David represented the seller, Watermark Residential, and procured the buyer, TM Equities.
The property is located adjacent to Agritopia, a 166-acre mixed-use community, and close to the Southeast Valley’s premier open-air shopping center, SanTan Village. The Gateway employment area, home to 9,400 employees, is two miles from the property and employers in Gilbert’s central business district, including Deloitte, Isagenix, and Banner Health, among others, are within five miles. Completed in 2020 on 20 acres, the property’s open-concept floor plans average 1,238 square feet. Community amenities include a swimming pool, cabana sundeck, fitness center and game room.