IPA (Institutional Property Advisors) announced today that Steve Gebing and Cliff David, senior managing directors, closed five multifamily property transactions totaling $217 million and 1,699 units between May 30 and June 15 in the Phoenix metropolitan statistical area (MSA).
“Strong underlying macroeconomic fundamentals in the Phoenix MSA and our team’s experience aligning institutional and major private investors with value-add multifamily investment opportunities produced an exceptional level of transaction velocity and sales volume during the last two weeks,” says Gebing, of IPA. “The enhanced demand for multifamily housing in the metro is being fueled by corporate expansions and relocations from large, international companies coupled with the expected addition of an estimated 81,000 net residents this year, underpinning household formation that exceeds the national pace.”
“Value-add opportunities are in particular demand,” adds David, “and our team has many years of experience identifying assets that meet the needs of investors seeking to grow revenue through strategic improvement plans. Nearly all of the properties we’ve closed in the past two weeks provide their new owners with the ability to add value.”
The properties sold in this period by Gebing and David are:
• Village Green, 112 units, Mesa, $7.7 million
• Onnix, 659 units, Tempe, $77.05 million
• Broadstone Gateway, 240 units, Avondale, $30.75 million
• Green Leaf Promontory Pointe, 424 units, Phoenix, Confidential
• Pinnacle at Union Hills, 264 units, Phoenix, $47.5 million
“In the coming years, as more businesses and residents relocate to the Phoenix area and infrastructure improvements are completed, we anticipate elevated investor demand and positive drivers of apartment fundamentals,” Gebing concludes.