Watermark Residential, a wholly owned affiliate of Thompson Thrift and one of the nation’s leading multifamily developers, announced today the completed sale of Watermark at Gateway Place, a 250-unit class A, Big House® multifamily community in the affluent Phoenix suburb of Gilbert for $84.35 million. Salt Lake City-based TM Equities was the buyer.
“With its convenient location in one of Phoenix’s most recognized suburbs and amenities that stand out from comparable properties, Watermark at Gateway Place has been extremely popular since welcoming its first residents earlier this year,” said Brian Southworth, senior vice president of acquisitions for Watermark Residential. “The strong demand for multifamily housing and the limited development in the area allowed us to generate significant interest and make a strategic sale at favorable terms.”
Watermark at Gateway Place is located at 4454 East Ray Road and consists of 25 two-story Big House® wood frame buildings with direct-access garages. The Big House concept, created by Humphreys and Partners Architects, features the privacy, space and convenience of a single-family home, but without the mortgage and maintenance. Each one-, two- and three-bedroom residence includes a private front door, gourmet bar-kitchens, granite countertops, walk-in closets, garden tubs, in-unit washer and dryers and private balconies and patios. Watermark at Gateway Place also features community amenities such as a resort style pool, professionally decorated clubhouses, fire pits, gas grilling stations, dog park, and a 24-hour fitness center.
The property is strategically located just west of the intersection of two major thoroughfares – Ray Road and Power Road with easy access to Highway 202. Together, these roadways offer residents easy access to downtown Phoenix, the Phoenix-Mesa Gateway Airport and some of the area’s largest employers, including Intel, Wells Fargo, Bank of America and Boeing. Gateway Towne Center, with over 735,000 square feet of retail and dining options is just a short drive away.
Steve Gebing and Cliff David of Institutional Property Advisors brokered the sale.
In addition to Watermark at Gateway, Watermark has The Wyatt by Watermark in development in Gilbert along with a project in the popular Phoenix suburb of Peoria.
About Watermark Residential
A wholly owned affiliate of Thompson Thrift, Watermark Residential is a national leader in the development, construction, and management of upscale multifamily communities. Since its founding in 2008, Watermark has become a nationally recognized multifamily development and residential management company. Watermark communities epitomize the company’s commitment to quality and value, while exhibiting meticulous attention to detail. The company has developed more than 13,000 units across 14 states. With deep knowledge of each market entered and a methodical vision, Watermark is proud to develop communities that offer residents luxurious, convenient lifestyle. For more information, please visit www.watermarkapartments.com.
About Thompson Thrift Real Estate Company
Thompson Thrift is an integrated full-service real estate company with offices in Indianapolis and Terre Haute, Indiana; Houston and Phoenix. Three service pillars drive Thompson Thrift’s success—Thompson Thrift Retail Group which is focused on ground-up commercial development, Watermark Residential which is focused on upscale multifamily communities and Thompson Thrift Construction, a full-service construction company. Through these business units, Thompson Thrift is engaged in all aspects of acquisition, development, construction, leasing, and management of quality multifamily, mixed-use, retail and office projects across the country. We are passionate about our customer’s success and strive to ensure our projects not only meet the needs of our customers but also the communities we serve. For more information, please visit www.thompsonthrift.com.
Spotlight Marketing Communications