Dealmaker: Institutional Property Advisors Closes, Finances $100M Multifamily Asset Sale

(Illustration courtesy of Institutional Property Advisors)

Institutional Property Advisors, Calabasas, Calif., sold Parc Broadway, a 324-unit multifamily property in Tempe, Ariz., for $100.25 million, or $309,414 per unit.

IPA Capital Markets arranged $65.16 million in acquisition financing.

“Parc Broadway is the first mid-rise multifamily asset to be constructed in North Tempe’s Maker District, an Opportunity Zone that is one of the city’s nine innovation hubs,” said Steve Gebing, IPA Executive Managing Director. “Local government policy, steady renter demand and scarcity of developable land support strong multifamily operational fundamentals in North Tempe, including 95% average physical occupancy over the last five years.”

Gebing and IPA Executive Managing Director Cliff David represented seller Evergreen Devco Inc. and procured buyer MG Properties. Brian Eisendrath and Cameron Chalfant of IPA Capital Markets secured seven years of interest-only agency financing.

Parc Broadway was built this year on nine acres. The property has open-concept apartment homes that average 895 square feet. Located along Broadway Road, the property is accessible from Interstates 10, 143 and U.S. Route 60. Tempe Town Lake and Papago Park are close by and employers in Chandler, Phoenix, Mesa, Gilbert and Scottsdale are within a 30-minute commute. In addition to Arizona State University, North Tempe has 2,600 businesses, including State Farm, Deloitte, JPMorgan Chase and Amazon.