Watermark Residential has acquired a 10-acre site in the growing Phoenix suburb of Gilbert, Ariz., where it will develop a $43 million, 216-unit community. Old National Bank provided $33 million in construction financing for the Class A project, which is expected to be completed in late 2021, a representative of the developer told Multi-Housing News.
The project, dubbed The Wyatt by Watermark, is located at 1205 S. Gilbert Road in downtown Gilbert and will feature a mix of one-, two- and three-bedroom apartment units averaging 978 square feet. The apartments will feature high-end finishes including gourmet bar-kitchens with granite countertops, walk-in closets and full-size washers and dryers. The community will offer amenities such as a clubhouse, 24-hour fitness center, swimming pool, and dog park.
The site, which has not yet broken ground, is within walking distance of an array of high-end shops and restaurants and a short drive from Gilbert’s Heritage District and the San Tan Village open-air shopping center. Located southeast of Phoenix, Gilbert, has seen its population grow by 20 percent over the past decade, with continued growth above the national average projected for the next five years.
The Wyatt by Watermark represents Watermark’s second multifamily community in Gilbert, who also owns the 250-unit Watermark at Gateway Place about 6 miles to the east. The project is also the third of six to be funded by the Watermark 3G Development Fund, a joint venture between Watermark Residential and 3G Capital Advisors LLC.
The fund closed in late 2019 following a successful $105 million equity raise. Watermark started its first project under the fund, a 324-unit community in Huntsville, Ala., in February. The following month, Watermark acquired land to begin development of a 276-unit community in Kansas City, Mo.