Dealmaker: Institutional Property Advisors Closes $107M in Multifamily
Institutional Property Advisors, Ontario, Calif., sold two Phoenix-area multifamily properties in transactions totaling $107.3 million.
IPA represented seller JB Partners, Long Beach, Calif., in both transactions and also procured buyer Bridge Investment Group, Salt Lake City.
The properties included The District at Fiesta Park in Mesa and Arcadia on 49th in Phoenix. The District at Fiesta Park’s $69.8 million sales price equaled $217,601 per unit while Arcadia on 49th’s $37.45 million sales price equated to $195,052 per unit.
“The District at Fiesta Park and Arcadia on 49th represented a rare opportunity to acquire two institutional-quality apartment communities located in two diverse burgeoning Phoenix submarkets,” said Steve Gebing, IPA Executive Managing Director. “Phoenix’s rapidly expanding business climate continues to see a large influx of demand, creating an increased interest for investors looking for multifamily assets with value-add potential.” Gebing worked with IPA Executive Managing Director Cliff David on the transaction.
“The District at Fiesta Park, built in 1979, offers an increasingly rare blank-canvas value-add opportunity with 100 percent of its units unrenovated,” David said. “Antiquated common area amenities and interior finishes will provide the new ownership with the opportunity to implement a strong renovation program to match current consumer preferences and expectations. This was a large factor behind a highly competitive bidding process for the property.”
Arcadia on 49th dates to 1972 and is located in the Phoenix metro’s geographic center, Gebing said, citing more than 12,000 businesses with a 10-mile radius, spread across key industries including healthcare, finance, manufacturing and information technology.
