Dealmaker: Institutional Property Advisors Brokers $90M in Multifamily Sales
Institutional Property Advisors, Ontario, Calif., brokered two multifamily property sales totaling $90 million.
In Prescott, Ariz., the firm represented 3137 Willow Creek Road LLC when it sold 160-unit multifamily asset Willow Creek for $58 million. IPA Executive Managing Directors Steve Gebing and Cliff David and First Vice President Hamid Panahi represented the seller and procured buyer Next Wave Investors, San Clemente, Calif.
“Prescott is one of the highest barrier-to-entry markets in Arizona and Willow Creek is one of just three market-rate properties constructed in the city over the past 20 years,” said Gebing.
David noted the area’s average single-family home price exceeds $530,000, “[which] makes for a wide rent-vs-own affordability gap,” he said.
The average annual household income within three miles of Willow Creek exceeds $95,000.
Gebing and David also sold Villa Serena, a 137-unit Phoenix apartment property, for $32 million. They represented seller Rise48 Equity, Scottsdale, Ariz., and procured buyer Tides Equities, Los Angeles.
Constructed in 1982 on five acres, Villa Serena has one- and two-bedroom apartments with private patios or balconies and in-unit washers and dryers.
“Villa Serena benefits from spacious floor plans that are significantly larger than competitive 1980s-built inventory within the submarket,” David said. “The large floor plans, plus other differentiating physical characteristics, such as in-unit washers and dryers, and the opportunity to renovate the apartment interiors and make select common area enhancements, serve as the property’s foundation for increased future profitability.” Located near Interstate 17, Villa Serena is equidistant to the Deer Valley Employment Corridor and Downtown Phoenix. The Deer Valley Employment Corridor is home to numerous Fortune 500 employers, including Wells Fargo, Honeywell, United Health Group, Knight Transportation, USAA, and FedEx. There are four regional hospitals, multiple healthcare centers and 24 million square feet of retail and dining within five miles of the property. Arizona State University West Campus, Glendale Community College and Grand Canyon University are also within a short drive.
