Institutional Property Advisors Brokers $91 Million Luxury Multifamily Asset Sale in Gilbert, Arizona
August 01 2022 - 5:51PM
Business Wire
Institutional Property Advisors (IPA), a division of Marcus
& Millichap (NYSE:MMI), announced today the sale of The Wyatt,
a 216-unit luxury multifamily asset in Gilbert, Arizona. The $91
million sales price represents $421,296 per unit.
“One of the nation’s most prosperous large cities, Gilbert is a
top suburban submarket target for multifamily investment in Greater
Phoenix,” said Steve Gebing, IPA executive managing director. “The
city attracts an affluent resident base of working professionals
with average and median annual household incomes of $128,100 and
$99,800, respectively. Population growth has outpaced multifamily
supply by a multiple of eight since 2010, creating above average
physical occupancy and extremely strong rent growth.” Gebing and
IPA executive managing director Cliff David represented the seller,
Thompson Thrift Residential, and procured the buyer, Decron
Properties.
The Wyatt has direct frontage along Gilbert Road, the Southeast
Valley’s main thoroughfare connecting Gilbert to Chandler and Mesa.
Gilbert’s revitalized historic downtown Heritage District is two
miles from the property. Rivulon, home to Deloitte, Morgan Stanley,
Amerifirst Financial, Merrill Lynch and Isagenix International’s
world headquarters, is three miles away. Residents have convenient
access to Gilbert’s central business district, and shopping is
close by at SanTan Village and SanTan Village Marketplace.
Completed in 2022, The Wyatt’s upscale apartment homes have
nine-foot ceilings, full-size washers and dryers, and the average
unit size is 980 square feet. Common area amenities include a
resort-style swimming pool and spa, pavilion with social seating
and recessed fireplace, resident clubhouse, community courtyard,
playground, covered parking, and detached 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 (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/20220801005817/en/
Gina Relva, VP of Public Relations
Gina.Relva@marcusmillichap.com
Marcus and Millichap (NYSE:MMI)
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