Tag Archives: Institutional Property Advisors

Villas at Cave Creek

Villas at Cave Creek in Phoenix now under new ownership

Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, has sold Villas at Cave Creek, a 696-unit multifamily community in Phoenix. The terms of the sale were not released.

IPA senior director Steve Gebing and Marcus & Millichap vice president investments Cliff David advised the seller, and procured the buyer, Weidner Apartment Homes.

“The Phoenix multifamily market continues to be one of the strongest in the nation,” said Greg Cerbana, director of public relations for Weidner Apartment Homes. “We see more long-term opportunities for investment in this market and the Villas at Cave Creek offered Weidner all of the right ingredients for success, including outstanding access to transportation, incredible amenities, and it is well managed.”

“Villas at Cave Creek enjoys exceptional physical characteristics and distinctive community amenities,” says Gebing. “Based on the early success of the unit interior upgrade program, the new ownership will be in an excellent position to maximize rent revenue through the continuation of select interior finish upgrades.”

The property is located at 2529 West Cactus Road, adjacent to Interstate 17, one of the busiest thoroughfares in metropolitan Phoenix. Interstate 17 connects to Interstate 40 and Interstate 10, downtown Phoenix and Sky Harbor International Airport. The North Interstate 17/Deer Valley employment corridor, one of the largest and most diversified employment concentrations within metro Phoenix with 17.5 million square feet of retail, office, industrial, and flex space, is approximately five miles north of the property and the Metrocenter Mall is one-and-one-half miles southwest of the community.

Shared amenities at Villas at Cave Creek include four swimming pools with spacious sun decks, an opulent clubhouse with a business center, a fitness center, a cinema center, a fully lit sports court, barbecue grilling stations with picnic areas and reserved covered parking. The renovated units feature resurfaced countertops, newly painted cabinet boxes and new cabinet doors, contemporary hardware, plumbing fixtures and lighting, and two-tone paint. Select units have new stainless steel and/or black appliances, spacious walk-in closets, separate vanity and dressing areas, breakfast nooks, built-in book shelves, wood-burning fireplaces with ceramic tile accents and mountain views.

Weidner owns more than 30 multifamily communities in Arizona, 24 in metro Phoenix, representing a total of just over 10,000 units in the state.  According to the National Multi-Family Housing Council, Weidner is now the 30th largest owner of apartments in the United States.  The company has been making a number of strategic investments over the past few years in key markets.

123rf.com: Sergey Nivens

Marcus & Millichap elects executive vice president investments

GetFileAttachment-1Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, has named Peter Katz an executive vice president investments, according to John J. Kerin, president and chief executive officer, and Don Morrow, regional manager of the firm’s Phoenix office. Most recently Katz held the position of senior vice president investments.

“Peter has been a premier institutional student housing and multifamily investment professional for nearly two and a half decades,” says Kerin. “He has been instrumental in the growth and branding of the credibility in the Institutional Property Advisors (IPA) Student Housing group on a national basis, and within the firm’s IPA division in general. He continues to deliver quality advisory services in the sector and provides certainty of execution for institutional equity and sponsors throughout the industry. For his leadership, thorough understanding of the institutional student housing and multifamily property sectors and dedication to providing excellent client service, Peter has earned this distinct honor.”

Peter joined Marcus & Millichap in 1991 as an agent in the Phoenix office. He was elected to the position of vice president investments in 1999 and promoted to the prestigious position of senior vice president investments in 2008. Peter specializes in institutional multifamily and student housing property investments. He serves as both an executive director of IPA and as a senior director of the National Multi Housing Group.

Cortona, Courtesy of IPA

Cortona at Dana Park sells for $22.1M

Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Cortona at Dana Park, a 222-unit multifamily community in Mesa, Ariz. The $22.1 million sales price equates to $99,550 per unit.

IPA senior director Steve Gebing and Marcus & Millichap vice president investments Cliff David advised the seller, Virtú Investments. The buyer is Green Leaf Capital Partners.

“Developed by Hrebec Properties in 1986, Cortona at Dana Park’s design and functionality are unparalleled in comparison with other assets of its vintage,” says Gebing. “The previous owner upgraded approximately 70 percent of the unit interiors and further opportunities for value enhancement remain.”

The apartment community is located at 1440 South Alma School Road in Mesa near Village Square at Dana Park, an urban lifestyle center with a mix of upscale retailers. Banner Gateway Medical Center’s 60-acre campus is two miles away and the Falcon Field Employment Center, a 5,100-acre area with more than 10 office and industrial parks is approximately six miles away. Access to U.S. Route 60, (the Superstition Freeway), and Arizona State Loop 202, is nearby.

Cortona at Dana Park’s apartments feature kitchen-garden windows, oversized walk-in closets, built-in bookshelves, ceiling fans, covered patios or balconies and washers and dryers. Select two-bedroom units have walk-in pantries and wood-burning fireplaces. Community amenities include two swimming pools and spas located along a spacious pool deck with resort-style furniture; a playground, lighted courts for basketball and volleyball, barbecue grilling stations with picnic areas, a 24-hour fitness center, a clubhouse with kitchenette and resident lounge, reserved covered parking, and controlled gated access.

Cabana on Thomas - Gebing

IPA sells $24.35 million Phoenix apartment community

Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to announce the sale of Cabana on Thomas, a 382-unit apartment home community in Phoenix. The $24,350,000 sales price equates to approximately $64,000 per unit.

IPA senior director Steve Gebing and Marcus & Millichap vice president investments Cliff David advised the seller, Deco Communities.

“Cabana on Thomas recently won the coveted American Society of Interior Designers’ Adaptive Use Award, which honors excellence in interior design,” says Gebing. “The property’s attractive mid-century modern architecture provided the basis for a comprehensive property repositioning influenced by international fashion trends and national design, incorporating unique vintage pieces from neighborhood shops and one-of-a-kind, community-focused murals.”

The 204,537-square-foot property is located on 12.7 acres at 1645 East Thomas Road in Phoenix, one-half mile west ofState Route 51, the Piestewa Freeway, which provides a direct connection to downtown Phoenix and Sky Harbor International Airport. Nearby employers include the City of Phoenix, Maricopa County, the State of Arizona, Wells Fargo, Bank of America, JPMorgan Chase, Freeport McMoRan Copper & Gold Inc., Ernst & Young, United Healthcare, Cigna Healthcare, and the State Compensation Fund. Park Central Mall, a 712,000-square-foot retail, dining, and office center is approximately two miles northwest of the community.

Cabana on Thomas’ studio, one- and two-bedroom floor plans are equipped with new designer cabinets, countertops, appliances, flooring, bathroom and shower fixtures, and lively accent walls. Refreshed amenities throughout the community include a Wi-Fi- ready leasing office and clubroom fully equipped with coffee shop-style seating, four resort-style pools with custom cabana shades, a new fitness center with cardio- and weight- training equipment, branded laundry facilities, five electric vehicle charging stations, a bike storage room, and a dog park.

Waterford at Superstition Springs 31,WEB

Waterford at Superstition Springs sells for $33M

Institutional Property Advisors (IPA), a division of Marcus & Millichap Inc. specializing in serving institutional and major private real estate investors, announced the sale of Waterford at Superstition Springs, a 280-unit multifamily community in Mesa, Ariz.  The commercial real estate sale netted $33,000,000 or $117,850 per unit.
IPA senior director Steve Gebing and Marcus & Millichap vice president investments Cliff David advised the seller, Waterford at Superstition Springs LLC. The buyer is NALS Apartment Homes.

“Waterford at Superstition Springs delivers an amenity-rich living experience that combines comfort and convenience with unparalleled contemporary finishes,” says Gebing.

The property is located at 7311 East Southern Ave. in Mesa, Ariz. less than one mile east of Superstition Springs Center, a 1.2 million-square-foot regional shopping mall featuring more than 150 stores and eateries. Mesa Pavilions, a 720,000-square-foot power center is directly across the street from the Superstition Springs Center. The Falcon Field Employment Center, a 5,100-acre area encompassing more than 10 industrial and office parks is approximately seven miles northwest of the community. The property has direct access to U.S. 60, the Superstition Freeway, and Loop 202, which provides access to Tempe, Mesa, Chandler and Gilbert, is nearby.

Developed by Zaremba Group in 2007, Waterford at Superstition Springs features elegantly designed one-, two-, and three-bedroom floor plans with nine-foot ceilings, fully equipped gourmet kitchens with cherry-wood cabinetry and GE appliances, full-sized washers and dryers, crown moldings, walk-in closets, raised panel doors and ample storage space with linen closets. Community amenities include a resort-style swimming pool with spa, a state-of-the-art leasing office and 24-hour fitness center, a clubhouse with resident lounge and Wi-Fi, an executive business center and conference room, courtyard space featuring a playground, volleyball court, barbecue grills, 80 detached garages, 30 detached storage units, a car care center, and controlled access gated entry.

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.


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.