Tag Archives: Institutional Property Advisors

Adobe_Ridge_Night_13_med, WEB

IPA arranges $26M sale of Adobe Ridge in Glendale

Institutional Property Advisors (IPA), a brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of Adobe Ridge, a 224-unit apartment complex in Glendale, Ariz. The $26,050,000 sales price equates to $116,000 per unit.

IPA senior director Steve Gebing and Marcus & Millichap vice president investments Cliff David advised the seller, Farnum Properties LLC. The buyer is The Praedium Group.

“Adobe Ridge is located between the affluent and amenity-rich trade area known as Arrowhead and the North I-17/ Deer Valley Employment Corridor, an area encompassing more than 17.5 million square feet of retail, office, industrial and flex space with more than 51,000 employees,” says Gebing. “The benefit of the property’s position within the competitive landscape of the submarket is that it provides for a captive rental audience by bisecting the two major employment concentrations.”

Built in 2005 on almost 15 acres by MLP Investments, the property is located at 4545 West Beardsley Road in Glendale. It is adjacent to Loop 101 (the Agua Fria Freeway) and has approximately 1,144 linear feet of drive-by visibility from an estimated 153,000 daily freeway commuters.

Each Adobe Ridge apartment home features nine-foot ceilings, a fully equipped gourmet kitchen, full-sized washer and dryer, storage space, large walk-in closets, ceiling fans, and a private patio or balcony with additional outside storage. Linen closets and kitchen islands are available in select units. Community amenities include a stand-alone leasing office and separate clubhouse with kitchenette and fireplace, a fitness center with cardio and weight training equipment, a fully appointed business center, a resort-style swimming pool and spa with covered cabanas, outdoor spaces featuring picnic areas and barbecue grills, controlled access gated entry and 40 detached garages with automatic door openers.

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IPA Arranges $67M Student Housing Sale in Tucson

Institutional Property Advisors (IPA), a multi-family brokerage division of Marcus & Millichap, arranged the sale of The District on 5th Avenue, a new 208-unit, student housing community one-half mile from the University of Arizona campus in Tucson.

The 764-bed complex commanded a sales price of $67M, or $322,115 per unit and $268 PSF.

Peter Katz, an executive director, advised the seller, Residential Housing. The buyer was Education Realty Trust (EdR).

“The District on 5th Avenue is a core, Class A pedestrian-to-campus, purpose-built student housing community that ideally fits the institutional investor’s property profile of an urban infill, close-to-campus asset,” Katz said.

“Institutional investors, in an effort to place allocated capital, have become more aggressive in their pricing. This has resulted in compressed cap rates and lowered unleveraged yields, especially for properties at tier-one universities with residents from strong socio-economic backgrounds.”

Located at 550 N. Fifth Ave. between N. Herbert and N. Arizona avenues, The District on 5th Avenue is a high-end student community with 12 two-bedroom/two-bath units, four three-bedroom/two-bath units, 40 three-bedroom/three-bath units, 45 four-bedroom/two-bath units and 107 four-bedroom/four-bath units, with an average weighted unit size of approximately 1,203 SF. All units are leased by the bed.

Community amenities include a 24-hour fitness center, a swimming pool and spa, a parking garage, tanning beds, a volleyball court and a media room with a movie theater. Each unit includes a full kitchen with granite countertops and stainless steel appliances, nine-foot ceilings, and a washer and dryer.

A key attraction for tenants is the community’s central location and nearby transportation access. Residents can easily walk or bike the short distance to the University of Arizona; a light rail system will be opened in 2013 and pass within half a block of the clubhouse, serving both the university and downtown Tucson.

The Congress Avenue shopping and entertainment district, also within one-half block of the community, features a wide range of retail shops and dozens of student-friendly restaurants, bars and clubs.