Dealmaker: Institutional Property Advisors Completes $152M in Apartment Asset Sales
Institutional Property Advisors, Calabasas, Calif., brokered $151.8 million in Phoenix-area multifamily asset sales.
The firm sold Montreux, a 335-unit mid-rise property in the Desert Ridge master-planned community, for $117 million, or $349,254 per unit.
“The Phoenix metro continues to be among the fastest-growing metropolitan areas in the nation with a wide range of industries that attract a talented and durable workforce,” said IPA Executive Managing Director Steve Gebing. “The current and forecasted economic fundamentals are creating a market for pre-stabilized asset sales like Montreux.”
Gebing and IPA Executive Managing Director Cliff David represented seller The Statesman Group, Scottsdale, Ariz., and procured buyer Pacific Development Partners, Los Angeles.
David said average household incomes within a one-mile radius exceed $138,000.
Completed in 2020, Montreux is near Loop 101, State Route 51 and Interstate 17, three of the most traveled freeways in Arizona. Large employers nearby include Sprouts Farmers Market’s corporate headquarters, American Express, Nationwide insurance and the Mayo Clinic Hospital.
IPA also sold Tides on 28th, a 224-unit multifamily property, for $34.8 million, or $155,357 per unit.
David said Tides on 28th will benefit from the city of Phoenix’s ongoing urban renewal efforts. “The redevelopment resolution aims to assist area residents and businesses through private investments that will transform underutilized properties and transportation infrastructure and create high-profile employment prospects, positioning the property well for future revenue gains,” he said. David and Gebing represented seller Tides Equities, Los Angeles, and procured the private buyer.
Tides on 28th is close to a combined 36 million square feet of office, industrial and flex space through both the Interstate 17 and Deer Valley employment corridors. The property dates to 1980.