Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of The Premiere at Dana Park, a 198-unit multifamily asset in Mesa, Arizona. The property sold for $41.95 million, or $211,869 per unit.

“As rental demand increases and supply remains relatively unchanged, the Mesa and Gilbert submarkets are positioned to provide opportunities for profitable long-term multifamily investment,” said Steve Gebing, IPA senior managing director. “Over the next five years, these two submarkets are projected to add as many as 1,829 renter households annually.”

Gebing and Cliff David, IPA senior managing director, represented the seller, PCS Development.

Completed in 2018, The Premiere at Dana Park is situated at the northeast corner of U.S. Route 60 and Val Vista Drive, less than a half-mile from Village Square at Dana Park, a 365,000-square-foot urban lifestyle center. Downtown Gilbert is approximately four miles away and within a 10-mile radius there are 12 employment corridors with 210,000 professionals. Residents have easy access to Falcon Field Airport, Downtown Mesa, Mesa’s Fiesta District, and Tempe.