Watermark Residential, a wholly owned affiliate of Thompson Thrift and one of the nation’s leading multifamily developers, announced today the completed sale of Watermark at Gateway Place, a 250-unit class A, Big House multifamily community in the affluent Phoenix suburb of Gilbert for $84.35 millionSalt Lake City-based TM Equities was the buyer.

“With its convenient location in one of Phoenix’s most recognized suburbs and amenities that stand out from comparable properties, Watermark at Gateway Place has been extremely popular since welcoming its first residents earlier this year,” said Brian Southworth, senior vice president of acquisitions for Watermark Residential. “The strong demand for multifamily housing and the limited development in the area allowed us to generate significant interest and make a strategic sale at favorable terms.”

Watermark at Gateway Place is located at 4454 East Ray Road and consists of 25 two-story Big House® wood frame buildings with direct-access garages. The Big House concept, created by Humphreys and Partners Architects, features the privacy, space and convenience of a single-family home, but without the mortgage and maintenance. Each one-, two- and three-bedroom residence includes a private front door, gourmet bar-kitchens, granite countertops, walk-in closets, garden tubs, in-unit washer and dryers and private balconies and patios. Watermark at Gateway Place also features community amenities such as a resort style pool, professionally decorated clubhouses, fire pits, gas grilling stations, dog park, and a 24-hour fitness center.

The property is strategically located just west of the intersection of two major thoroughfares – Ray Road and Power Road with easy access to Highway 202. Together, these roadways offer residents easy access to downtown Phoenix, the Phoenix-Mesa Gateway Airport and some of the area’s largest employers, including Intel, Wells Fargo, Bank of America and Boeing. Gateway Towne Center, with over 735,000 square feet of retail and dining options is just a short drive away.

Steve Gebing and Cliff David of Institutional Property Advisors brokered the sale.

In addition to Watermark at Gateway, Watermark has The Wyatt by Watermark in development in Gilbert along with a project in the popular Phoenix suburb of Peoria.