Institutional Property Advisors Closes $155 Million Multifamily Asset Sale in Suburban North Phoenix
September 24 2021 - 4:28PM
Business Wire
Institutional Property Advisors (IPA), a division of Marcus
& Millichap (NYSE: MMI), announced today the sale of Accolade,
a 548-unit multifamily asset in Phoenix, Arizona. The property sold
for $155 million or $282,847 per unit. The transaction is one of
the top five largest multifamily sales on record in Arizona by
total purchase price.
“Accolade’s strategic North Phoenix location offers a diverse
employment base in a high-barrier-to-entry submarket,” said Steve
Gebing, IPA executive managing director. “With only four
multifamily properties constructed since 2010 within a three-mile
radius, Accolade is primed for a common area and apartment interior
renovation program.” Gebing and Cliff David, IPA executive managing
director, represented the seller, Weidner Apartment Homes, and
procured the buyer, Knightvest Capital.
Accolade is accessible from three of Phoenix’s main freeways,
Interstate 17, Loop 101, and State Route 51. The Deer Valley and
Interstate 17 employment corridors, with businesses 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 every day conveniences are within walking distance.
Constructed in 1984 on 28 acres, Accolade’s community amenities
include four swimming pools and two spas. The resident clubhouse
and leasing office have vaulted ceilings with loft space and
skylights, plush seating areas with a fireplace, open-air
conference room, and a cyber-café. 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), a leading commercial real estate
services firm in North America. IPA’s combination of real estate
investment and capital markets expertise, industry-leading
technology, and acclaimed research offer customized solutions for
the acquisition, disposition and financing of institutional
properties and portfolios. For more information, please visit
www.institutionalpropertyadvisors.com
About Marcus & Millichap (NYSE: MMI)
With over 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 8,954 transactions in 2020 with a
value of approximately $43 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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version on businesswire.com: https://www.businesswire.com/news/home/20210924005542/en/
Gina Relva, VP of Public Relations
Gina.Relva@marcusmillichap.com 510-999-1284
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