Institutional Property Advisors Completes Sale of $ 155 Million Multi-Family Assets in Northern Phoenix Suburbs
PHOENIX–(COMMERCIAL THREAD) – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), today announced the sale of Accolade, a 548-unit multi-family asset in Phoenix, Arizona. The property sold for $ 155 million or $ 282,847 per unit. The deal is one of the five largest multi-family sales on record in Arizona in terms of total purchase price.
“Accolade’s strategic location in North Phoenix provides a diverse employment base in a high-barrier-to-entry submarket,” said Steve Gebing, executive general manager of IPA. “With only four multi-family properties built since 2010 within a five-kilometer radius, Accolade is ready for an interior renovation program for common areas and apartments.” Gebing and Cliff David, Executive Managing Director of IPA, represented the seller, Weidner Apartment Homes, and recruited the buyer, Knightvest Capital.
Accolade is accessible from three of Phoenix’s major highways, Interstate 17, Loop 101, and State Route 51. Deer Valley and Interstate 17 employment corridors, with companies like Honeywell, Blue Cross Blue Shield , Waste Management of Arizona, Wells Fargo, USAA, Discover Financial Services, Cox Communications and PetSmart are nearby. Upscale retail and entertainment destinations including Arrowhead Towne Center, P83 Entertainment District and Desert Ridge are a short drive away. Grocery stores and everyday amenities are within walking distance.
Built in 1984 on 28 acres, Accolade’s community amenities include four swimming pools and two spas. The residents’ pavilion and rental office have vaulted ceilings with mezzanines and skylights, comfortable seating areas with a fireplace, an open-air conference room and an internet cafe. Apartments have full-size washers and dryers, wood-style vinyl flooring, walk-in closets, and private patios or balconies. The average unit size is 856 square feet.
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), one of the leading commercial real estate services companies in North America. The IPA’s combination of real estate investment and capital markets expertise, leading edge technology and recognized research provides customized solutions for the acquisition, disposal and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com
About Marcus & Millichap (NYSE: MMI)
With more than 2,000 investment sales and finance professionals across the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, finance, research and services. -advice. Founded in 1971, the company closed 8,954 deals in 2020 worth approximately $ 43 billion. Marcus & Millichap has developed a powerful property marketing system that combines investment specialization, local market expertise, the industry’s most comprehensive research, cutting-edge technology and relationships with the largest pool of investors. qualified. For more information, please visit: www.MarcusMillichap.com.