Dealmaker: Institutional Property Advisors Closes $202M Multifamily Portfolio Sale

Institutional Property Advisors, Ontario, Calif., brokered $201.75 million portfolio for sale of three multifamily properties in Arizona and New Mexico.

The portfolio included 296-unit The Villages at Metro Center and 273-unit Crystal Creek properties in Phoenix and 216-unit Indigo Park in Albuquerque, N.M.

“The combined operational strengths of the Phoenix and Albuquerque multifamily markets provide our buyer with significant upside opportunity identifiable through the implementation of a programmatic common area and apartment interior renovation,” said Steve Gebing, IPA Executive Managing Director. Gebing and IPA Executive Managing Director Cliff David represented seller JB Partners and procured buyer Bridge Investment Group.

Marcus & Millichap First Vice President and Regional Manager Ryan Sarbinoff served as broker of record on the transaction.

The Villages at Metro Center and Crystal Creek are near Deer Valley and the Bell Road Retail Corridor. The Villages at Metro Center dates to 1979 and Crystal Creek delivered in 1985.

Located just off Interstate-25 eight miles from downtown Albuquerque, Indigo Park dates to 1974.