Dealmaker: Institutional Property Advisors Brokers $56M in Multifamily Sales

Institutional Property Advisors, Calabasas, Calif., brokered two Arizona multifamily property sales totaling $56 million.

In Peoria, Ariz., IPA Senior Managing Directors David and Steve Gebing sold 216-unit property Modern on Peoria for $26 million, or $120,370 per unit. IPA represented the seller, a joint venture between Modern Residential Co. and Henley USA, and procured buyer Goodman Real Estate.

“Modern on Peoria is in a well-positioned niche atop the competitive set of properties built in the submarket n the 1980s,” said IPA Senior Managing Director Cliff David. “It is the predominant value-alternative to the newer generation of multifamily properties in Peoria, particularly those within the booming P83 Entertainment District.”

Completed in 1984, the community is close to three large shopping centers totaling 374,200 square feet. The Banner Boswell Medical Center is four miles from the property.

David and Steve Gebing also sold Modern on Gilbert, a 265-unit community in Mesa, Ariz. S2 Capital purchased the property from Modern Residential Co. and Henley USA for $30 million or $113,208 per unit.

“There are very few single-story, low-density properties designed like Modern on Gilbert,” Cliff David said. “At less than 14 units per acre, densities this low are nearly unheard of.”

Modern on Gilbert dates to 1980.