Institutional Property Advisors Closes and Finances $100 Million Multifamily Asset Sale in Tempe
November 22 2023 - 6:01PM
Business Wire
Institutional Property Advisors (IPA), a division of Marcus
& Millichap (NYSE:MMI), announced the sale of Parc Broadway, a
324-unit multifamily property in Tempe, Arizona. The asset traded
for $100.25 million, or $309,414 per unit. IPA Capital Markets
arranged $65.16 million in acquisition financing.
“Parc Broadway is the first mid-rise multifamily asset to be
constructed in North Tempe’s Maker District, an Opportunity Zone
that is one of the city’s nine innovation hubs,” said Steve Gebing,
IPA executive managing director. “Local government policy, steady
renter demand and scarcity of developable land support strong
multifamily operational fundamentals in North Tempe, including 95%
average physical occupancy over the last five years.” Gebing and
IPA executive managing director Cliff David represented the seller,
Evergreen Devco, Inc., and procured the buyer, MG Properties. Brian
Eisendrath and Cameron Chalfant of IPA Capital Markets secured
seven years of interest-only, agency financing.
Located along Broadway Road, the property is accessible from
Interstates 10, 143, and U.S. Route 60. Tempe Town Lake and Papago
Park are close by and employers in Chandler, Phoenix, Mesa,
Gilbert, and Scottsdale are within a 30-minute commute. Home to
Arizona State University, North Tempe has 2,600 businesses,
including State Farm, Deloitte, JPMorgan Chase, and Amazon.
Parc Broadway was built in 2023 on nine acres. The property has
open-concept apartment homes with high ceilings, vinyl wood-style
flooring, laundry closets with built-in wood shelving and full-size
washers and dryers. The average unit size is 895 square feet.
Community amenities include a leasing office, clubhouse, fitness
center, resort-inspired swimming pool, covered outdoor kitchen 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 offers 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, 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20231122040226/en/
Gina Relva, VP of Public Relations
Gina.Relva@MarcusMillichap.com
Marcus and Millichap (NYSE:MMI)
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