Institutional Property Advisors Brokers Sale and Arranges Financing for $94.5 Million Southeast Phoenix Multifamily Asset
March 14 2024 - 7:17PM
Business Wire
Institutional Property Advisors (IPA), a division of Marcus
& Millichap (NYSE: MMI), announced today the sale and financing
of Alta Chandler at The Park, a 291-unit mid-rise multifamily asset
in Chandler, Arizona. The property traded for $94.5 million, which
represents $324,742 per unit. IPA Capital Markets arranged $52
million in acquisition financing.
“Alta Chandler at The Park’s affluent demographic anchored a
robust absorption story, obtaining an average of 24 net leases per
month after opening in January 2023,” said Steve Gebing, IPA
executive managing director. “The resident profile of high-earning
professionals was drawn by the property’s physical characteristics
and direct proximity to Price Corridor, Arizona’s most innovative
economic hub.” Gebing and IPA executive managing director Cliff
David represented the seller, Wood Partners, and procured the
buyer, Olympus Property. Brian Eisendrath, Cameron Chalfant, Jake
Vitta and Jesse Zarouk of IPA Capital Markets arranged eight years
of interest-only financing.
Located within walking distance of The Park shopping center
along Chandler Boulevard, the property is a 30-minute drive from
the majority of Phoenix MSA’s high-tech workforce and under two
miles from the Price Corridor. Nearby employers include Intel,
Northrop Grumman, Wells Fargo, Bank of America, and Microchip
Technology. Downtown Chandler is one mile from the property and
within five miles there is 18.9 million square feet of retail and
dining.
Alta Chandler at The Park’s apartment interiors have expansive,
open-concept floor plans with nine-foot ceilings, laundry closets
with full-size or stackable washers and dryers, extended primary
bedrooms with dedicated work-from-home space, and separate den or
loft quarters. Select units have direct access garages. The
property has an open-concept leasing office and clubhouse, a
convenience market, sky lounge, fitness center, and a private,
multi-purpose fitness room.
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 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.
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, 2023, the company had 1,783
investment sales and financing professionals in over 80 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 7,546 transactions in 2023, with a sales volume of
approximately $43.6 billion. For additional information, please
visit www.MarcusMillichap.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240314773135/en/
Gina Relva, VP of Public Relations
Gina.Relva@MarcusMillichap.com
Marcus and Millichap (NYSE:MMI)
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