$112 Million Multifamily Asset Sale and Financing Brokered by Institutional Property Advisors
September 18 2023 - 4:57PM
Business Wire
Institutional Property Advisors (IPA), a division of Marcus
& Millichap (NYSE:MMI), announced today the sale of Aiya, a
360-unit multifamily asset in Gilbert, Arizona. The property sold
for $112 million, or $311,111 per unit.
“Gilbert has one of Greater Phoenix’s highest demographic
profiles and Aiya’s neo-traditional design, lavish community
amenities and environmentally conscious appointments make it one of
the city’s premier multifamily assets,” said Steve Gebing, IPA
executive managing director. Gebing and Cliff David, IPA executive
managing director, represented the seller, The Wolff Company, and
procured the buyer, Olympus Property. IPA Capital Markets executive
director Brian Eisendrath and senior directors Cameron Chalfant and
Jake Vitta arranged the acquisition financing.
The property’s location near Loop 202/SanTan Freeway gives
residents access to Gilbert’s Gateway Employment Area and Central
Business District, Elliot Road Technology Corridor, and Price
Corridor. Major employers in the area include Northrop Grumman,
Deloitte, Morgan Stanley, Honeywell, Bank of America, and Boeing.
Shopping and entertainment are close by at SanTan Village and the
Chandler Fashion Center. The Gilbert Medical Center and
Phoenix-Mesa Gateway Airport are within a short drive.
Completed in 2022 on 16 acres, Aiya provides residents with
electric vehicle charging stations, a swimming pool and spa,
conference room, private offices, and a community kitchen with an
espresso bar. The property’s studio, one-, two- and three-bedroom
floor plans have high ceilings, oversized windows and washers and
dryers. The average unit size is 875 square feet.
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, 2022, the company had 1,904
investment sales and financing professionals in 81 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 12,272 transactions in 2022, with a sales volume
of approximately $86.3 billion. For additional information, please
visit www.MarcusMillichap.com.
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 offers customized solutions for
the acquisition, disposition and financing of institutional
properties and portfolios. For more information, please visit
www.institutionalpropertyadvisors.com.
About IPA Capital Markets
IPA Capital Markets is a division of Marcus & Millichap
(NYSE: MMI). IPA Capital Markets provides major private and
institutional clients with commercial real estate capital markets
financing solutions, including debt, mezzanine financing, preferred
and joint venture equity, and sponsor equity. For more information,
please visit institutionalpropertyadvisors.com/capital-markets.
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version on businesswire.com: https://www.businesswire.com/news/home/20230918090967/en/
Gina Relva, VP of Public Relations
Gina.Relva@marcusmillichap.com
Marcus and Millichap (NYSE:MMI)
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