Watermark Residential, a wholly owned affiliate of Thompson Thrift and one of the nation’s leading multifamily developers, announced today the acquisition of 10 acres of land for $5.5 million in the Phoenix suburb of Gilbert, Ariz. The company will develop The Wyatt by Watermark, a $43 million Class A garden-style multifamily community on the land with an expected completion date of late 2021.
Located at 1205 South Gilbert Road, the site conveniently sits at the core of thriving downtown Gilbert, within walking distance to numerous high-end retail shops and restaurants and only a short drive to the entertainment and dining options available at Gilbert Heritage District and San Tan Village.
“According to data from the National Multifamily Housing Council, the greater Phoenix area needs 11,000 new apartments per year to meet demand,” said Josh Purvis, managing partner of Watermark Residential. “Watermark Residential looks forward to helping fill the need for quality housing options with one of our innovative and aesthetically pleasing apartment communities.”
The Wyatt by Watermark will consist of 216 one-, two- and three-bedroom apartment homes averaging 978 square feet. The apartment homes will feature upgraded finishes including gourmet bar-kitchens with granite countertops, stainless steel appliance packages, walk-in closets and full-size washers and dryers. Community amenities will include a clubhouse, 24-hour fitness center with state-of-the-art equipment, a resort-quality swimming pool with cabana and pet-friendly “bark park” and doggie spa.
Residents will enjoy easy access to the 202 loop with the ability to reach all four of Gilbert’s major employment centers within 20 minutes. Additionally, the site is located within the Gilbert Public School District, the 4th Best School District in America, according to the National Council for Home Safety and Security.
Gilbert has experienced a population increase of 20 percent during the past decade and growth is expected to continue at double the national average over the next five years. In addition, the Phoenix suburb has been recognized for many awards recently including:
• 3rd Most Livable City in the U.S., according to SmartAsset
• 6th Safest City in the U.S., according to WalletHub
• Arizona’s Fastest Growing City, according to WalletHub
The Wyatt by Watermark is the third of six to be funded by the Watermark 3G Development Fund II, which closed in late 2019. In addition, it will be the second multifamily community for Watermark in Gilbert, who also owns the 250-unit Watermark at Gateway Place.
Since 2010 Watermark Residential has constructed more than 40 communities totaling over 11,000 multifamily apartment homes. The company has consistently focused on developments in areas experiencing rapid job growth, increased rental demand and barriers to new supply.