Institutional Property Advisors Closes $201.75 Million Multifamily Portfolio Sale in the Southwest
April 26 2022 - 6:51PM
Business Wire
Institutional Property Advisors (IPA), a division of Marcus
& Millichap (NYSE: MMI), announced the $201.75 million
portfolio sale of three multifamily properties in the Southwest.
The asset includes 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 operational strengths of the Phoenix and
Albuquerque multifamily markets provide our buyer with significant
upside opportunity identifiable through the implementation of a
programmatic common area and apartment interior renovation,” said
Steve Gebing, IPA executive managing director. Gebing and Cliff
David, IPA executive managing director, represented the seller, JB
Partners, and procured the buyer, Bridge Investment Group. Ryan
Sarbinoff, first vice president and regional manager, is Marcus
& Millichap’s broker of record in New Mexico.
The Villages at Metro Center was built in 1979 on 11.5 acres and
is proximate to the Deer Valley and I-17 employment corridors.
Crystal Creek is also proximate to Deer Valley and nearby Bell Road
Retail Corridor. The property was constructed 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, 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, 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 throughout the United
States and Canada. As of December 31, 2021, the company had 1,994
investment sales and financing professionals in 82 offices who
provide investment brokerage and financing services to sellers and
buyers of commercial real estate. The company also offers market
research, consulting and advisory services to clients. Marcus &
Millichap closed 13,255 transactions in 2021, with a sales volume
of approximately $84.4 billion. For additional information, please
visit www.MarcusMillichap.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20220426006308/en/
Gina Relva, VP of Public Relations Marcus &
Millichap Gina.Relva@MarcusMillichap.com
510-999-1284
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