Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Modern on Gilbert, a 265-unit multifamily community in Mesa, Arizona. The property sold for $30 million, or $113,208 per unit.

“There are very few single-story, low-density properties designed like Modern on Gilbert,” said Cliff David, IPA senior managing director. “At less than 14 units per acre, densities this low are nearly unheard of. This unique feature, combined with the community transformation and rebranding executed by the seller, will provide new ownership with an opportunity to marry extensive common area enhancements with a programmatic unit interior renovation program.”

David and Steve Gebing, IPA senior managing director, represented the seller, a joint venture between Modern Residential Company and Henley USA, and procured the buyer, S2 Capital.

Completed in 1980 on more than 19 acres, Modern on Gilbert is proximate to downtown Mesa, including the Mesa Arts Center, Mesa Riverview outdoor shopping center and Falcon Field Airport, a high-tech hub for aerospace, aviation and defense. Banner Gateway Medical Center is also close by, as are a number of additional Banner medical campuses. Recent common area improvements include upgrades to all primary amenity spaces, a new clubhouse, new fitness and business centers, and a package delivery center.