Institutional Property Advisors Negotiates $260 Million Multifamily Asset Sale in Scottsdale
May 12 2022 - 1:07PM
Business Wire
Institutional Property Advisors (IPA), a division of Marcus
& Millichap (NYSE: MMI), announced the sale of The Moderne, a
369-unit mid-rise multifamily asset in Scottsdale, Arizona
developed by JLB Partners. The $260 million sales price equates to
$704,607 per unit. The transaction is the largest single asset core
multifamily sale in Arizona history.
“One of only 10 assets constructed in Downtown Scottsdale over
the last 20 years, The Moderne is an iconic, generational
multifamily asset that pairs high-end finishes with walkability to
the state’s top luxury retail shopping destination, Scottsdale
Fashion Square,” said Steve Gebing, IPA executive managing
director. “The scarcity of developable land, coupled with local
government policy and competitive shelter from future multifamily
supply make this asset an exceptional core investment.” Gebing and
IPA executive managing director Cliff David represented the seller,
JLB Partners, and procured the buyer. “We were fortunate to have
support from the City of Scottsdale and surrounding neighbors when
we started this project in 2013,” said Kevin L. Ransil, Arizona
Partner for JLB Partners. “The community is a timeless addition to
the exciting fabric of Downtown Scottsdale, which keeps getting
better. We’re excited about the future for the new buyers.”
“Characterized by its high-value real estate, best-in-class
employment opportunities and leisure activities, Scottsdale is the
most coveted submarket in Arizona,” said David. “Outsized rent
growth forecasts for the city reflect the area’s imbalance of
multifamily supply and submarket demand.”
The Moderne is within walking distance of one of Arizona’s most
prominent intersections, Scottsdale Road and Camelback Road. The
1.9 million-square-foot Scottsdale Fashion Square, home to luxury
retail, world-class dining and entertainment, is a minute’s walk
away. Old Town Scottsdale and Scottsdale Waterfront are proximate
to the property and access to several of the Valley’s most
in-demand employment corridors, including the finance-driven
Camelback Corridor, Arizona’s second-largest employment
concentration, is nearby. There are over 15,000 businesses and more
than 640,000 working professionals within 10 miles of the
asset.
Completed in 2015, The Moderne’s distinctive interiors have
nine-foot-plus ceilings, full-size washers and dryers, hardwood
flooring, walk-in closets with custom wood shelving, and private
patios. Select units have integrated desks and bookshelves,
built-in wine racks, pass-through laundry chutes, and private
yards. Common area accommodations feature an expansive resort-style
pool and spa, a best-in-class leasing office, resident clubhouse,
and wellness center. Additional amenities include electric car
charging stations and private garages.
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220512005946/en/
Gina Relva, VP of Public Relations
Gina.Relva@marcusmillichap.com
Marcus and Millichap (NYSE:MMI)
Historical Stock Chart
From Jun 2024 to Jul 2024
Marcus and Millichap (NYSE:MMI)
Historical Stock Chart
From Jul 2023 to Jul 2024