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Phoenix & Southwest  + Apartments  | 

IPA Brokers $30M Phoenix Metro MF Sale

Institutional Property Advisors (IPA), a division of Marcus & Millichap, completed the $30-million sale of Modern on Gilbert, a 265-unit multifamily community in Mesa, AZ. The seller was a joint venture between Modern Residential Company and Henley USA, while the buyer was S2 Capital.

Completed in 1980 on more than 19 acres, the asset is near downtown Mesa and recently underwent common-area improvements including upgrades to all primary amenity spaces, a new clubhouse, and new fitness, business and package delivery centers.

IPA’s Cliff David and Steve Gebing handled the deal for both parties.

David says, “There are very few single-story, low-density properties designed like Modern on Gilbert. 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.”

For comments, questions or concerns, please contact Dennis Kaiser

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

  • ◦Sale/Acquisition
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