Dealmaker: IPA Brokers $135M in Multifamily Sales

Institutional Property Advisors, Calabasas, Calif., brokered three Arizona multifamily property sales totaling $135.3 million.

In Avondale, Ariz., Boston Capital sold 408-unit property Aventura for $65.4 million. IPA Senior Managing Director Steve Gebing and Senior Managing Director Cliff David represented Boston Capital and procured the institutional investment manager buyer.

“The property benefits from its proximity to the Southwest Valley’s flourishing workforce and the area’s nearly 96 million square feet of office, industrial and flex space,” Gebing said.

Built in 2000 on 18.4 acres, Aventura is within walking distance of Gateway Pavilions and Gateway Crossing. Boston Capital improved common areas and apartment interiors during its ownership.

Gebing, David and IPA First Vice President Hamid Panahi brokered the sale of Domain 3201, a 289-unit multifamily asset in suburban Tucson’s Casas Adobes area. Aspen Square Management sold the property to Investors Capital Group for $37.7 million, or $130,623 per unit.

Panahi said the area’s strong demographics, including a $72,500 average household income and a $225,000 average single-family home price appealed to Investors Capital Group.

In Phoenix’s West Valley, Gebing and David helped Mentor Properties sell 320-unit multifamily property Sonoma Sol to The Roxborough Group and SB Real Estate Partners for $32.2 million. The new owners plan to re-brand the property Cordova Apartments.

David noted the property benefits from its location near the Southwest Valley Industrial Corridor and the anticipated Loop 202 South Mountain Expansion, the largest infrastructure project in Arizona’s history. “This $1.7 billion investment in transportation infrastructure will provide greater connectivity and traffic relief as well as efficiencies within logistics,” he said. “Simply put, it’s game-changing for the West Valley.”