GILBERT, ARIZ. — Salt Lake City-based TM Equities has purchased Watermark at Gilbert Place, an apartment property located at 4454 E. Ray Road in Gilbert. Watermark Residential sold the asset for $84.3 million.
Watermark at Gateway Place features 25 two-story, wood-frame buildings with direct-access garages. The 250-unit property is a Big House design property, a concept created by Humphreys and Partners Architects, which features the privacy, space and convenience of a single-family home without mortgage and maintenance.
Each one-, two- and three-bedroom apartment includes a private front door, gourmet bar-kitchen, granite countertops, walk-in closets, garden tub, in-unit washer and dryer, and private balcony or patio. Community amenities include a resort-style swimming pool, clubhouses, fire pits, gas grilling stations, dog park and a 24-hour fitness center.
Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, brokered the sale.