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January 4, 2021 Comments Off on Watermark Divests Gilbert Apartments for $84M Views: 611 Phoenix, Phoenix & Southwest News, Top Phoenix

Watermark Divests Gilbert Apartments for $84M

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Salt Lake City-based TM Equities acquired Watermark at Gateway Place, a 250-unit Class A multifamily community in Gilbert for $84.35 million. The seller was Watermark Residential.

Watermark Residential’s Brian Southworth says, “The strong demand for multifamily housing and the limited development in the area allowed us to generate significant interest and make a strategic sale at favorable terms.”

The property is located at 4454 E. Ray Rd. and consists of 25 two-story Big House wood frame buildings with direct-access garages. The concept, created by Humphreys and Partners Architects, features the privacy, space and convenience of a single-family home, but without the mortgage and maintenance.

Residences include a private front door, gourmet bar-kitchens, granite countertops, walk-in closets, garden tubs, in-unit washer and dryers and private balconies and patios. Community amenities include a resort style pool, clubhouses, fire pits, gas grilling stations, dog park, and a fitness center.

Institutional Property Advisors’ Steve Gebing and Cliff David brokered the sale. Walker & Dunlop arranged $51,677,000 in new Freddie Mac debt.

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