Institutional Property Advisors, a division of Marcus & Millichap, announced the sale of The Premiere at Eastmark 3.0,a fully entitled 8.55-acre multifamily development site in Eastmark, a master-planned community in Mesa, Arizona. The property sold for $5 million.
“The Premiere at Eastmark 3.0 is positioned to reap the benefits of its proximity to Mesa’s Elliot Road Technology Corridor and the employment hub surrounding Phoenix-Mesa Gateway Airport,” said Steve Gebing, IPA executive managing director. “The immediate area’s economic growth has attracted a workforce of over 10,000 professionals with average and median annual household income of $121,000 and $92,000, respectively. The increase in demand for local housing has pushed the average price of a single home to over $665,000 and further widened the rent-vs-own affordability gap.” Gebing, Cliff David, and Trevor Hardy of Institutional Property Advisors represented the seller, PCS Development, and procured the buyer, Liv Communities.
The Phoenix-Mesa Gateway Airport is within six miles and shopping is close by at SanTan Village, SanTan Pavilions, Gilbert Gateway Towne Center, and Agritopia. Employers in the Price Corridor, Falcon Field Airport, Gilbert Central Business District, and the Fiesta District are within a 30-minute commute via Loop 202/SanTan Freeway. Prominent area companies include Apple, Google, Meta, Able Engineering, and Fujifilm.
Institutional Property Advisors (IPA) is a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
