IPA Closes $71.75 Million Sale of Suburban Multifamily Asset in Phoenix
August 15 2019 - 3:50PM
Business Wire
Institutional Property Advisors (IPA), a division of Marcus
& Millichap (NYSE: MMI), announced today the sale of Alta San
Marcos, a 273-unit apartment complex in Chandler, Arizona. The
property sold for $71.75 million, or $262,821 per unit. The
community will be renamed Summit at San Marcos.
“This asset is one of just three multifamily communities in
Chandler with frontage along the San Marcos Golf Course,” said
Steve Gebing, IPA senior managing director. “Winner of the 2019
Real Estate Development Award for ‘Best Multifamily Project’ in
Arizona, the property’s exceptional location and East Coast
brownstone-inspired architecture make it an unparalleled
investment.”
Gebing and Cliff David, IPA senior managing director,
represented the seller, Wood Partners, and procured the buyer,
LaSalle Investment Management’s NAV-REIT, JLL Income Property
Trust. “Over the past five years, absorption has outpaced
completions in both the Chandler and Gilbert submarkets,” added
David. “Apartment supply in these areas has grown by at least 25
percent over that time and vacancy rates have fallen by more than
50 basis points.”
Alta San Marcos is just west of the intersection of Arizona
Avenue and Chandler Boulevard and within walking distance of
Downtown Chandler. The high-end Chandler Fashion Center is part of
the 18.8 million square feet of upscale retail and dining within a
five-mile radius and there are more than 8,200 businesses within a
10-mile radius of the community. Employment regions, including the
Chandler Airpark, Price, Uptown Chandler, West Chandler and
Northwest Gilbert corridors are easily accessible. Completed in
2018, Alta San Marcos’s high-end community amenities include a
clubhouse and leasing office with a 13-foot theater-style
television, plush seating, a demonstration kitchen, and a fitness
center. Apartments have nine-foot or higher ceilings and the
average unit size is 940 square feet.
About Institutional Property Advisors (IPA)
With a network of senior-level investment advisors located
throughout the United States and Canada, Institutional Property
Advisors (IPA) is qualified to meet the needs of institutional and
major private investors. IPA’s combination of real estate
investment and capital markets expertise, industry-leading
technology, superior support services and acclaimed research offer
customized solutions for the acquisition and disposition of
institutional properties and portfolios.
www.institutionalpropertyadvisors.com.
About Marcus & Millichap (NYSE: MMI)
With nearly 2,000 investment sales and financing professionals
located throughout the United States and Canada, Marcus &
Millichap is a leading specialist in commercial real estate
investment sales, financing, research and advisory services.
Founded in 1971, the firm closed 9,472 transactions in 2018 with a
value of approximately $46.4 billion. Marcus & Millichap has
perfected a powerful system for marketing properties that combines
investment specialization, local market expertise, the industry’s
most comprehensive research, state-of-the-art technology, and
relationships with the largest pool of qualified investors. To
learn more, please visit: www.MarcusMillichap.com.
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Gina Relva, Public Relations Director
925-953-1716
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