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Phoenix & Southwest  + Phoenix  + Apartments  | 
Craft @ Gilbert & Baseline sells for $432K a unit

NextGen Spins Off Mesa Apartment Complex

The 104-unit Craft @ Gilbert & Baseline was sold for $45 million, or $432,000 a unit. The sale occurred in an area of supercharged growth, “Over the past 10-plus years population growth within a there-mile radius of the property has outpaced multifamily supply by a multiple of 32,” said Steve Gebing of Institutional Property Advisors, who represented the seller, NextGen.

The property is located close to the US 60/Superstition Freeway and is near major employers such as Banner Health, State Farm, Intel, Wells Fargo and Honeywell. Retail, dining and shopping options are within walking distance.

Built in 2019, the complex is a controlled-access, garden-style asset with units that average out to a 1,000 square feet.

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Inside The Story

Steve Gebing

About Mike Boyd

Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.

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