Berkadia today announced the $5.5 million sale of 10 acres in the Gilbert submarket of metro Phoenix. Senior Managing Director Mark Forrester of Berkadia’s Phoenix office completed the sale. The buyer and developer is Indiana-based Watermark Residential. The seller is a local Arizona investor. The deal closed on June 10.

Watermark Residential plans to develop 216 apartments on this parcel that is situated not far south of The Gilbert Municipal Center on the east side of Gilbert Road.

Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets.