Dealmaker: Institutional Property Advisors Closes $111M in Multifamily Transactions

Institutional Property Advisors, Calabasas, Calif., closed two multifamily transactions totaling $110.9 million.

In central Phoenix, IPA brokered the sale of The Curve at Melrose, a four-story, 204-unit property in the city’s Melrose District. The $56.2 million sales price equaled $275,490 per unit.

IPA Executive Managing Director Steve Gebing said The Curve at Melrose is the only 100-unit-plus multifamily community constructed in the Melrose District in last 40 years. Gebing and IPA Executive Managing Director Cliff David represented seller P.B. Bell and procured buyer JB Partners in the transaction.

The property’s location gives residents access to the Midtown, Downtown and Camelback employment corridors, which include 2,600 businesses housed in 33 million square feet of office, industrial and flex space. Nearby corporate employers include Wells Fargo, Banner Health, CenturyLink, Quicken Loans and Bank of America. There are four Valley Metro light rail stations within one mile of the community and Arizona State University is 3.5 miles away.

The Curve at Melrose delivered in 2018.

In suburban Orlando, Fla., IPA sold Latitude 28, a 354-unit multifamily asset in Altamonte Springs. The property sold for $54.75 million.

“The sale of Latitude 28 is yet another example of new capital entering the Central Florida market,” said Shelton Granade, IPA Executive Managing Director. “Investors see that the recovery is on firm footing and that the growth prospects of Florida are extremely attractive.” Granade and IPA’s Luke Wickham and Justin Basquill represented seller The Lighthouse Group and procured the New York-based buyer The Aberly Group.

Latitude 28 is located at 850 Orienta Ave., north of Orlando.