Institutional Property Advisors Closes Sale of $96 Million Downtown Tempe Multifamily Asset
May 17 2022 - 8:32PM
Business Wire
Institutional Property Advisors (IPA), a division of Marcus
& Millichap (NYSE:MMI), announced the sale of Hudson on Farmer,
a 171-unit boutique apartment asset in Downtown Tempe, Arizona. The
property traded for $96 million, which represents $561,404 per
unit.
“Hudson on Farmer is supported by a highly educated population
of over 620,700 working professionals throughout 16 major
employment corridors within a 10-mile radius,” said Steve Gebing,
IPA executive managing director. “Tempe’s outstanding demographics
include average and median annual household incomes of $85,200 and
$61,500, respectively.” Gebing and IPA executive managing director
Cliff David represented the seller, 8th & Farmer Owner LLC, and
procured the buyer, Ideal Capital Group. “Tempe is one of the best
suburbs in Arizona for young professionals and this ambitious
demographic has long been a key source of the city’s success,”
added David.
Hudson on Farmer’s Mill Avenue District location places it in
the geographical center of Greater Phoenix, close to ASU and steps
from the city’s only Whole Foods Market. Downtown Tempe has a mix
of treelined walkways and large office developments, including
20-acre, 2-million-square-foot Marina Heights, and Hayden’s Ferry
Lakeside, a master-planned mixed-use development with 1.6 million
square feet of office, retail and residential space. Major
employers near Hudson on Farmer include State Farm, ADP, Silicon
Valley Bank, and Microsoft. There is 18.5 million square feet of
lifestyle amenities in close proximity, namely Tempe Marketplace,
Mesa Riverview, and Sloan Park, the spring training home of the
Chicago Cubs.
Completed in 2021, six-story Hudson on Farmer has open-concept
apartment homes with full-size front-load washers and dryers,
walk-in showers, and private balconies. The exclusive sixth floor
has distinctive cabinetry with undermount lighting, premium
closets, and reserved parking. The property’s common area
accommodations include a resort-inspired, heated swimming pool and
spa and second-story resident lounge with social space, a
conference room, and workspaces accented by modern art and natural
wood décor. The landscaped courtyard, with a covered outdoor dining
area, barbecue grills, firepit, desert vegetation and misting
system gives residents an added venue for entertaining. Additional
community amenities include a fitness center, bike parking room and
electric vehicle charging stations.
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/20220517006323/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