Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today 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.
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“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 of the multifamily development site 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.
Eastmark is a 3,200-acre residential, commercial, and recreational community that at full build-out will have 15,000 residential units, 6,000 hotel rooms, 20 parks and a population of 18,000.
