December 21, 2024 11:05 am
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SOLD! MF development site in Eastmark

Photo provided by Institutional Property Advisors

By AZRE

Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of The Premiere at Eastmark 3.0, a fully entitled 8.55-acre multifamily development site in Eastmark, a master-planned community in Mesa, Arizona. The property sold for $5 million.

“The Premiere at Eastmark 3.0 is positioned to reap the benefits of its proximity to Mesa’s Elliot Road Technology Corridor and the employment hub surrounding Phoenix-Mesa Gateway Airport,” said Steve Gebing, IPA executive managing director. “The immediate area’s economic growth has attracted a workforce of over 10,000 professionals with average and median annual household income of $121,000 and $92,000, respectively. The increase in demand for local housing has pushed the average price of a single home to over $665,000 and further widened the rent-vs-own affordability gap.” Gebing, Cliff David, and Trevor Hardy of Institutional Property Advisors represented the seller, PCS Development, and procured the buyer, Liv Communities.

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Rose Law Group Reporter, which provides Dealmaker’s content and service, is contracted by Rose Law Group. Rose Law Group is a full service real estate and business Law Firm practicing in the areas of land use/entitlements, real estate transactions, real estate due diligence/project management, special districts, tax law, water law, business litigation, corporate formation, intellectual property, asset protection, data breach/privacy law, ADA compliance, estate planning, family law, cyber-law, online reputation and defamation, lobbying, energy and renewable energy, tax credits/financing, employment law, Native American law, equine law, DUIs, and medical marijuana, among others. The views expressed above are not necessarily those of Rose Law Group pc or its associates and are in no way legal advice. This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.