Dealmaker: Institutional Property Advisors Closes $65 in Multifamily Asset Sales

Institutional Property Advisors, Ontario Calif., closed $64.7 million in multifamily property sales in San Diego and Phoenix.

In San Diego, IPA sold Bay Inn Apartment Homes, a five-building, 80-unit property. The asset sold for $28.1 million, or $351,250 per unit. The community is less than two miles from the Pacific Ocean and close to 4,600-acre aquatic park Mission Bay Park.

Built in 1962, Bay Inn Apartment Homes is one of the largest and most well-amenitized multifamily assets in San Diego’s Pacific Beach neighborhood, said Christopher Zorbas, IPA Executive Managing Director of Investments. He noted the property gives the new owner an opportunity to add value in a market where asking rents increased nearly 13 percent last year.

Zorbas, Tom McCartin and Alexander Garcia Jr. represented seller Regency Bay Inn LLC and Wagers Family LP and procured buyer Equity Street Capital.

In northeast Phoenix, IPA sold 141-unit asset Portola at Grovers Park for $36.6 million. IPA Executive Managing Directors Cliff David and Steve Gebing represented the seller, a joint venture between SB Real Estate Partners and Marble Partners, and procured buyer Rise48 Equity.

“Limited like-kind supply, the scarcity of developable land nearby and the opportunity to increase value through interior renovations place Portola at Grovers Park in an advantageous position to realize long-term revenue growth,” David said.

Portola at Grovers Park dates to 1985. Units average 777 square feet.