Dealmaker: Institutional Property Advisors Closes $58M Multifamily Sale

Institutional Property Advisors, Ontario, Calif., sold Phoenix multifamily property Villas Los Limones. The $58.24 million sales price represented $260,000 per unit.

IPA Executive Managing Director Steve Gebing and IPA Senior Vice Presidents Hamid Panahi and Clint Wadlund represented seller Greenwater Investments and procured buyer Rincon Partners in the transaction.

“Villas Los Limones has benefitted from interior renovations designed around function and efficiency in approximately 40% of the units. These upgrades include smart technology door locks and thermostats, new paint and new plumbing fixtures,” said Cliff David, IPA Executive Managing Director. “The property also sits less than two miles west of the anticipated $1 billion Metrocenter Mall redevelopment, slated to introduce new retail, restaurants, office and residential offerings to the neighborhood and deliver a lifestyle-oriented village concept that will further advance the desirability of the Interstate 17 Corridor.”

The property’s location close to I-17 gives residents a 30-minute commute to 26,000 finance, business services, education and retail businesses. More than 28,000 healthcare professionals live within a 10-mile radius due to Villas Los Limones’ location near Abrazo Community Health Network, Banner Health and HonorHealth Hospitals. Metrocenter Mall, Arizona State University’s West Campus and Glendale Community College are also nearby and there are five light rail stations within a short drive of the property. Shopping options within walking distance include Ross Plaza, Peoria Plaza and Cambridge Plaza.

Villas Los Limones is a controlled-access, 18-building property on nine-plus acres. Apartments average 678 square feet.