April 16, 2019
Institutional Property Advisors (IPA), a division of Marcus & Millichap, completed the $30-million sale of Modern on Gilbert, a 265-unit multifamily community in Mesa, AZ. The seller was a joint venture between Modern Residential Company and Henley USA, while the buyer was S2 Capital.
Completed in 1980 on more than 19 acres, the asset is near downtown Mesa and recently underwent common-area improvements including upgrades to all primary amenity spaces, a new clubhouse, and new fitness, business and package delivery centers.
IPA’s Cliff David and Steve Gebing handled the deal for both parties.
David says, “There are very few single-story, low-density properties designed like Modern on Gilbert. At less than 14 units per acre, densities this low are nearly unheard of. This unique feature, combined with the community transformation and rebranding executed by the seller, will provide new ownership with an opportunity to marry extensive common-area enhancements with a programmatic unit interior renovation program.”
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