Dealmaker: IPA Brokers $155M in Multifamily Sales

Institutional Property Advisors, Ontario, Calif., brokered $155 million in multifamily property sales in Phoenix and Los Angeles.

In Phoenix, IPA Executive Managing Directors Steve Gebing and Cliff David represented the seller for 385-unit property Liv North Valley, which sold for $90 million, which equates to $233,766 per unit. Gebing and David also found the buyer, New York-based The Praedium Group.

Gebing said single-family home prices average $416,000 within one mile of Liv North Valley and the $123,600 average annual household income is 50 percent higher than the greater Phoenix average.

Liv North Valley’s location adjacent to the intersection of Interstate 17 and Loop 303/Bob Stump Memorial Highway gives residents access to the Deer Valley and Interstate 17 employment corridors. The corridors have 38 million square feet of office, industrial and flex space housing 2,400 businesses. Built in 2019 on 23 acres, the 19-building community’s average unit size is 900 square feet.

IPA also sold Avalon Venice on Rose, a three-story, 70-unit apartment building with 9,332 square feet of fully leased retail space in Los Angeles’ Venice neighborhood. The property sold for $65 million.

“Only one other significant apartment building has changed hands in Venice in the last 20 years and during that time just one 50-unit-plus property was developed,” said IPA Executive Director Greg Harris. He said there are just 160 new units in the planning stage.

Harris and IPA Senior Directors Kevin Green and Joseph Grabiec represented seller AvalonBay Communities, Arlington, Va., and procured buyer TA Realty, Boston.

“Venice is one of the most affluent communities on the West Coast,” said Green. “The average household income at Avalon Venice is $300,000. Occupancy for apartment properties in the Venice submarket exceeds 95 percent.