IPA Directs $30M Sale of 265-Unit Multifamily Community in Arizona’s Southeast Valley


Located in Mesa, Ariz., Modern on Gilbert features 265 apartments, a swimming pool, fitness center, business center and a package delivery center.

MESA, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Modern on Gilbert, a multifamily community located at 1800 E. Covina St. in Mesa. S2 Capital acquired the property from a joint venture between Modern Residential Co. and Henley USA for $30 million, or $113,208 per unit.

Developed in 1980, Modern on Gilbert is situated on more than 19 acres and features 265 apartments, a new clubhouse, fitness center, business center and package delivery center.

Cliff David and Steve Gebing of IPA represented the seller and procured the buyer in the transaction.

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