Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Craft @ Gilbert & Baseline, a boutique, 104-unit multifamily asset in Mesa, Arizona. The $45 million sales price represents $432,692 per unit.

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“Over the past 10-plus years, population growth within a three-mile radius of the property has outpaced multifamily supply by a multiple of 32,” said Steve Gebing, IPA executive managing director. “The resulting supply and demand imbalance underpins the submarket’s strong multifamily fundamentals and supports a favorable, forward-looking forecast.” Gebing and IPA executive managing director Cliff David represented the seller, NextGen Apartments and procured the buyer.

Two miles from Downtown Gilbert’s Heritage District, Craft @ Gilbert & Baseline’s location near U.S. 60/Superstition Freeway places residents within commuting distance of nearly 29,000 businesses, including major employers such as Banner Health, State Farm, Intel Corp., Wells Fargo, Bank of America, and Honeywell. Retail, dining and grocery shopping are within walking distance and Downtown Mesa is a short drive away.

Completed in 2019, Craft @ Gilbert & Baseline is a controlled-access, garden-style asset with one- and two-bedroom open-concept apartment layouts that average 1,018 square feet. Units have full-size washers and dryers, smart home features, and most have access to a garage. Shared amenities include a resort-style swimming pool, outdoor yoga space, grilling stations and a firepit.