Institutional Property Advisors closes sale of $201.75 million Southwest multi-family portfolio
PHOENIX–(BUSINESS WIRE)–Institutional Real Estate Advisors (IPA)a division of Marcus & Millichap (NYSE: MMI), announced the $201.75 million portfolio sale of three multi-family properties in the Southwest. Assets include The Villages at Metro Center, 296 units in Phoenix, Arizona; Crystal Creek, 273 units in Phoenix; and Indigo Park, 216 units in Albuquerque, New Mexico.
“The combined operating strengths of the Phoenix and Albuquerque multifamily markets provide our buyer with an identifiable significant upside opportunity through the implementation of a programmatic common space and interior apartment renovation,” said Steve. Gebing, Executive Managing Director of IPA. Gebing and Cliff David, Executive Managing Director of IPA, represented the seller, JB Partners, and recruited the buyer, Bridge Investment Group. Ryan Sarbinoff, Senior Vice President and Regional Manager, is the official broker for Marcus & Millichap in New Mexico.
The Villages at Metro Center was built in 1979 on 11.5 acres and is near the Deer Valley and I-17 employment corridors. Crystal Creek is also close to Deer Valley and the Bell Road commercial corridor. The property was built in 1985 on eight acres. Accessible from Interstate 25, Indigo Park was built in 1974 on 7.5 acres, eight miles from downtown Albuquerque.
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, cutting-edge technology and award-winning research delivers customized solutions for the acquisition, disposal and financing of properties and institutional portfolios. For more information, please visit www.institutionalpropertyadvisors.com
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices in the United States and Canada. As of December 31, 2021, the company had 1,994 sales and investment finance professionals across 82 offices that provide investment brokerage and finance services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to its clients. Marcus & Millichap completed 13,255 deals in 2021, with sales volume of approximately $84.4 billion. For more information, please visit www.MarcusMillichap.com.