Dealmaker: IPA Brokers $147M in Multifamily Sales

Institutional Property Advisors, Calabasas, Calif., brokered $147.1 million in California and Arizona apartment property sales.

IPA represented Nuveen when it sold 132-unit apartment asset Township Apartments in Redwood City, Calif. for $88.6 million, or $735 per square foot.

Township Apartments is a “transit-oriented, pedestrian-friendly community located in Redwood City’s vibrant downtown neighborhood that provides residents with a live, work and play environment on the Bay Area Peninsula,” said IPA Senior Director Salvatore Saglimbeni.

Redwood City is located midway between San Francisco and the Silicon Valley and the entire mid-peninsula corridor is seeing a “commercial renaissance” including nearly two million square feet of office space under construction within three miles of Township Apartments, Saglimbeni said. The average household income in the area exceeds $145,000 and the average home price is $1.5 million, he noted.

Saglimbeni was joined on the deal by IPA Executive Director Stanford Jones and IPA Senior Director Philip Saglimbeni.

In Phoenix, IPA sold 304-unit apartment property Remington Ranch for $58.5 million. IPA Senior Managing Directors Steve Gebing and Cliff David represented seller BRIO Investment Group and procured buyer JB Partners.

Remington Ranch is a two-story, low-density community close to Interstate 10, Loop 101, Loop 303 and the upcoming Loop 202 expansion, accessible to residents working in various parts of Phoenix’s West Valley.