Institutional Property Advisors Brokers $150 Million Luxury Multifamily Asset Sale in Scottsdale, Arizona
November 01 2022 - 8:08PM
Business Wire
Institutional Property Advisors (IPA), a division of Marcus
& Millichap (NYSE:MMI), announced today the sale of
SeventyOne15 McDowell, a newly built, 274-unit multifamily asset in
Scottsdale, Arizona. The property sold for $150 million, or
$547,445 per unit.
“Phoenix will again record one of the highest rates of
in-migration in the country this year and Scottsdale is one of the
area’s most appealing live-work-play destinations for high-wage
earning professionals,” said Steve Gebing, IPA executive managing
director. “Developed by Alliance Residential, SeventyOne15 McDowell
features best-in-class design and construction with luxury interior
and common area amenities. The property is poised to benefit from
the business and academic partnerships that are driving South
Scottsdale’s economic resurgence.” Gebing and IPA executive
managing director Cliff David represented the seller and procured
the buyer.
Completed in 2022, the asset is located near SkySong, a 1.2
million-square-foot ASU Scottsdale Innovation Center. Old Town
Scottsdale and South Scottsdale employment corridors are nearby,
along with major area employers General Dynamics, HonorHealth,
Vitalant, Yelp, Indeed, Banner Health, and Opendoor. Old Town
Scottsdale, home to designer art galleries, nightlife, and
Scottsdale Stadium, is less than three miles away.
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/20221101006372/en/
Gina Relva, VP of Public Relations
Gina.Relva@marcusmillichap.com 510-999-1284
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