Dealmaker: Institutional Property Advisors Brokers $101M in Apartment Sales

Institutional Property Advisors, Calabasas, Calif., closed multifamily property sales totaling $101.1 million.

In Chandler, Ariz., IPA sold 163-unit Elevation Chandler for $56.15 million, or $344,479 per unit. IPA Executive Managing Directors Steve Gebing and Cliff David represented seller Olympus Property, Ft. Worth, Texas, and procured buyer Sares Regis Group, Newport Beach, Calif.

“Chandler’s outlook is exceedingly bright,” Gebing said. He noted the city’s average annual household income exceeds $112,000 and said the Chandler area has experienced a 34 percent increase in the number of new businesses over the past five years.

Gebing and David also sold Strayhorse Arrowhead Ranch, a 136-unit apartment property in the Arrowhead Ranch master-planned community of Glendale, Ariz. They represented both seller Shelter Asset Management, Silver Spring, Md., and buyer WhiteHaven Capital, Phoenix, in the $45 million transaction.

“The property is one of only four assets constructed within the Arrowhead Ranch master-planned community and is further complemented by a recognizable value-add opportunity,” Gebing said. “The scarcity of developable land and local government policy shelter this asset from future competition.”

Built in 1998, Strayhorse Arrowhead Ranch is located near the northwest corner of the Loop 101/Agua Fria Freeway, giving residents access to the Bell Road, Deer Valley, Interstate 17 and South Peoria employment corridors.