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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.
![](https://newslink.mba.org/wp-content/uploads/2021/09/IPA-The-District-at-Fiesta-Park-400.jpg)
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.
![](https://newslink.mba.org/wp-content/uploads/2021/09/IPA-Arcadia-on-49th-400.jpg)
“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.