IPA Brokers $30M Phoenix-Area Transaction
Senior Managing Directors Cliff David and Steve Gebing worked on behalf of both parties involved in the sale of a 265-unit community in Mesa.
Modern on Gilbert. Image courtesy of Yardi Matrix
Institutional Property Advisors, a division of Marcus & Millichap, has facilitated the $30 million sale of Modern on Gilbert, a 265-unit community in Mesa, Ariz. According to Yardi Matrix data, the deal was subject to a $24.8 million loan, held by Freddie Mac.
Senior Managing Directors Cliff David and Steve Gebing represented the seller, a joint venture between Modern Residential Co. and Henley USA, and also procured the buyer, S2 Capital. Last summer, the same team facilitated the nearly $23 million sale of a 173-unit asset in Tempe, Ariz.
Located at 1800 E. Covina St. on 19 acres in the North Mesa submarket of Phoenix, Modern on Gilbert—formerly known as Sonoma Villas—is very close to downtown Mesa, with both the Riverview shopping center and Falcon Field Airport within 6 miles of the community. Completed in 1980, the asset encompasses one- and two-bedroom units averaging 650 square feet. Common-area amenities include a swimming pool, a spa, a playground and 530 parking spaces.
“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,” David said, in a prepared statement.
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