Tag Archives: IPA

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.

North Scottsdale gets a new luxury apartment community

Investment Property Associates (IPA) celebrated the grand opening of its first multifamily development in Scottsdale with a ribbon cutting ceremony at Liv North Scottsdale. The luxury apartment community is situated on 5.83 acres near the corner of Scottsdale Road and Greenway Hayden Loop in North Scottsdale. IPA co-developed the property with PB Bell & Associates.

This Class A apartment community consists of 240 units located in four, four‐story buildings constructed over podium parking. The unit mix includes one‐bedroom, two‐bedroom and three-bedroom units, with sizes ranging from 540 to 1,350 square feet. The contemporary, open floor plans feature full-size washers and dryers, private master baths, plank flooring throughout living areas with carpeted bedrooms, and entertainment kitchens with granite countertops and stainless steel, energy-efficient appliances. All units include a patio or balcony—many with premium mountain and city views.

Community amenities are available to residents 24/7 and include a resort style pool and spa with a signature water and fire feature, an outdoor “billboard” television, a fully equipped fitness center overlooking the pool area, indoor and outdoor lounge areas, a game room, a rooftop lounge with outdoor kitchen and expansive views of the valley, secured parking garages, an enclosed Bark Park and much more. Concierge services, valet recycling/trash services, fitness classes, mobile massage, dry cleaning and other high-end amenities are also available. The community is conveniently located directly north of The Scottsdale Quarter and kitty‐corner to Kierland Commons, providing easy access to a multitude of dining and retail options.

Scottsdale‐based MT Builders served as general contractor, with design services by L.R. Niemiec Architects, Inc., also of Scottsdale.

“We are thrilled to be opening our first Scottsdale community that is among the most ‘walkable’ apartment communities in the valley,” said Bill Fettis, partner of IPA. “The North Scottsdale market, and specifically The Scottsdale Quarter and Kierland Commons are dynamic, high‐energy destinations that match‐up ideally with the living environments we create for our residents.”

IPA’s current Arizona multifamily portfolio consists of four Liv-branded apartment communities in the metropolitan Phoenix market, which it plans to grow.

“With a physical setting and amenities designed to help people live fuller lives, our communities encourage residents to embrace the company’s values by offering daily opportunities for residents to enjoy activities and events centered on community, wellness, technology and sustainability.” said Scott Brooks, partner at IPA. Our goal at IPA is to support personal growth and meaningful connections with others through thoughtfully planned amenities and genuine, caring team members who actively participate in community events as well”. R. Chapin Bell, President of P.B. Bell Companies added, “It is our pleasure to participate with IPA in this exciting, thoughtful North Scottsdale apartment home community.”

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.

IPA Living, Mark Boisclair Photography

IPA, Retirement Community Specialists join forces

IPA, a leading operator of luxury multifamily communities in Arizona and Michigan, and Retirement Community Specialists, Inc. (RCS), a leading operator of luxury senior housing communities in Arizona, recently announced they have joined together under the same umbrella company, IPA, LLC.

RCS and IPA now operate together under the direction of a combined executive team and Board of Directors, including the four partners of IPA and Eric Johnston, the founder and owner of RCS. Both organizations will continue to operate in the marketplace under their respective names, leveraging the brands both companies have successfully built over the years.

The transaction, effective Sept. 1, created a multidimensional development and management company, differentiated by its ability to deliver quality lifestyles for students, professionals, families and seniors.

“The combination of IPA and RCS creates an exciting opportunity for our company, our residents, and our investment partners,” said Scott Brooks, a partner at IPA. “We both share a mutual promise of creating communities where our residents want to stay longer and invite others to join them. With the two organizations joining forces, we now have the opportunity to positively impact the lives of people across multiple generations, from great grandchildren to great grandparents and everyone in between.”

IPA and RCS came together in 2012 to develop Generations at Agritopia, the flagship community of the company’s “Generations” senior living brand.  With plans to develop more communities in the Phoenix metropolitan market, “the decision to join forces was a strategic one based on the values and vision shared by both companies,” said Bill Fettis, a partner at IPA.

“The relationship between IPA and RCS was apparent from the first handshake over three years ago,” Johnston, president of RCS, further explained. “Together we will be able to deliver high quality senior housing on a broader scale and create new opportunities for team members.”

In addition to the ability to build an owner-operated platform that incorporates innovative services and industry technology, the combination represents the opportunity to deliver enhanced services and benefits to residents and employees.

Danny’s Family Car Wash in Scottsdale sells for $2M per acre

Danny's Family Car Wash 1ORION Investment Real Estate is pleased to announce the successful ground lease sale of the Danny’s Family Car Wash located at 15515 N. Scottsdale Rd. in Scottsdale, Ariz., for $6.5M to Pacific Scottsdale, LLC. The seller was Scottsdale Place, LLC.

The car wash, detailing center, gas facilities and 2 convenience stores, totaling approximately 17,700 square feet did not convey in this transaction and are currently owned by Danny’s Family Car Wash, who in turn leases the 3.25 acres. “A property like this does not come along very often. It is over 140,000 square feet of prime North Scottsdale real estate with Scottsdale Road frontage. It is in the middle of 3 marquee projects, namely the Scottsdale Quarter, Kierland Commons, and the Scottsdale Promenade. It is also in close proximity to a couple of major future redevelopments, the former Robb & Stucky site and the Cracker Jax site.”

The buyer, a partnership of high net worth local investors, was drawn to the site because of its superior location and plans to hold for redevelopment. “This was truly a win-win transaction in which the Seller sold at a premium at nearly $50 per square foot for the land, but still left some ‘meat on the bone’ for the next Buyer,” noted Ari Spiro, ORION’s lead broker on this transaction.

The property was purchased for cash after a 45-day escrow. ORION’s Principal, Sean Stutzman summarizes, “Great real estate always gets better and there are few intersections in the entire Southwest quite like this.” ORION should know having transacted over $50 million in real estate at or adjacent to the intersection of Scottsdale Road and Greenway-Hayden Loop in recent years, including most recently assembling the former Barcelona nightclub and adjacent office building. That site, currently nearing completion, is being developed by PB Bell and IPA and later this year will open as Liv Scottsdale, a 240-unit apartment project across from Scottsdale Quarter.

Spiro concludes, “this part of Scottsdale is just booming with high density mixed-use development as it continues its maturation into one of the most dynamic commercial and residential areas in the west. It will virtually be unrecognizable in five years!”

Pinnacle Terrace, Courtesy of IPA

IPA arranges Arizona multifamily portfolio sale for $75M

Institutional Property Advisors (IPA), a brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of a two-property multifamily portfolio in Arizona for $75,450,000. The assets are Pinnacle Terrace, a 300-unit apartment complex in Chandler, Ariz. that sold for $39.2M or $131,000 per unit and Pinnacle at Union Hills, a 264-unit community in Phoenix that brought $36.25 million or $137,000 per unit.

IPA senior director Steve Gebing and Marcus & Millichap vice president investments Cliff David advised the seller, a global leader in wealth and asset management services. The buyer is TA Associates.

“Pinnacle Terrace and Pinnacle at Union Hills provide their residents with the ultimate apartment home living experience by combining the convenience of nearby employment opportunities with unparalleled access to premier retail, dining, and entertainment venues,” says Gebing. “Based on the positioning of each asset within the competitive landscape of its respective submarket, both properties are prime candidates for the implementation of exterior and interior renovation programs.”

Developed by Trammell Crow Residential and BRE Properties Inc. in 1998, Pinnacle Terrace is situated on almost 19 acres at 801 North Federal St. in Chandler, Ariz. The property’s community amenities include a leasing office with residents’ lounge and business center; a clubhouse with a theater room, conference room and billiards table; and a 24-hour fitness center with cardio and weight-training equipment. The community also has two resort-style swimming pools and spas with poolside ramadas, 70 detached garages and controlled access gated entry.

Pinnacle at Union Hills was developed by Trammell Crow Residential in 1997 and is located at 4750 East Union Hills Drive in Phoenix. Shared amenities include a stand-alone leasing office, a clubhouse, a 24-hour fitness center with cardio and weight training equipment, a business center and conference room, two resort-style swimming pools, spas with poolside ramadas, 79 detached garages, 32 detached storage units, a courtyard/playground area and controlled access gated entry.

Pinnacle Terrace and Pinnacle at Union Hills feature one-, two- and three-bedroom floor plans with fully equipped gourmet kitchens, nine-foot ceilings, full-sized washers and dryers, crown molding, abundant storage space with large, walk-in closets and linen closets, large soaking tubs and a private patios or balconies with additional outside storage. Gas fireplaces and wood-plank vinyl flooring are available in select units.

Colter Park

IPA sells Colter Park apartments

Institutional Property Advisors (IPA), a brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of Colter Park, a 384-unit apartment community in Phoenix. The terms of the sale were not disclosed.

IPA senior director Steve Gebing and Marcus & Millichap vice president investments Cliff David advised the seller, an institutional pension fund advisor. The buyer is a limited partnership formed by The Sheiner Group of Westmount, Quebec, Canada.

“Colter Park enjoys a commanding position in the city of Phoenix Infill Development District and within Transit-Oriented Zoning Overlay District One (TOD-1), an area that is experiencing a lifestyle regeneration through millions of dollars in gentrification efforts leading to unprecedented rental demand,” says Gebing. “The property’s seller implemented strategic capital expenditures to increase revenue and attract and retain an upgraded resident profile.”

“These measures have led to above-market physical occupancy with diminishing rental concessions, and further opportunities to enhance revenue remain,” adds David.

The property is located at 909 West Colter St. within walking distance of the Melrose District/7th Avenue/Camelback Valley Metro light rail station. Central Avenue, the major north-south arterial road connecting the Uptown/Midtown office corridor with downtown Phoenix, is approximately one mile east of the community. Camelback Corridor, one of the region’s premier urban centers and Phoenix’s most well-known and desirable high-end office destination with more than 9 million square feet of multi-tenant office space is nearby. The Biltmore area of the Camelback Corridor, one of the city’s premier upscale shopping, dining and financial districts is approximately three-and-a-half miles east of Colter Park, and Christown Spectrum Mall, a 1.4 million-square-foot power center, is approximately one-and-a-half miles northwest of the property.

Developed by Levitt & Sons in 1972 on nearly 12 acres, Colter Park features studio and one-, or two-bedroom apartment homes. Interiors have new kitchen and bathroom cabinets with brushed-nickel hardware, new countertops, all-electric kitchen appliances, upgraded lighting and plumbing fixtures, two-tone paint, upgraded baseboards and wide-plank wood-style flooring.

Community amenities include two swimming pools and a spa, a stand-alone leasing office, clubhouse, fitness center, clubroom with a fully appointed kitchen and business center, and four laundry facilities, including one laundry lounge with controlled access entry, new card-operated washer and dryer equipment and a wall-mounted flat-screen television. The main pool area is a Wi-Fi hot spot and the common areas feature barbecue grills and pet stations. Colter Park also features controlled-access gated entry, keyed-entry pedestrian gates and lighted cantilever covered parking.

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.

Coronado Brewing Co.

Craft beer industry thriving in San Diego

BrewHop founder Summer Nixon is eight months pregnant and drinking water from a swing-top glass beer bottle at Coronado Brewing Co.’s new manufacturing facility. She’s just delivered two flights of beer to the table while waiting for Coronado Brewing Co. co-founder Rick Chapman to join her.

Summer Nixon, BrewHop

Summer Nixon, BrewHop

It’s loud in here. The industrial sounds of pressure escaping massive steel kettles and the Tool song just audible enough to recognize it from the tasting room speakers has people occasionally looking at one another’s mouths to make out what they’re saying. The three dogs sitting at their owners’ feet don’t seem to mind the commotion. It wouldn’t be a stretch to assume these dogs have laid in their fair share of San Diego County’s 84 breweries’ corresponding tasting rooms or brewpubs. In fact, just one stroll through North Park and it’s obvious craft beer is a popular passion of San Diego locals and a growing one among tourists.

Nixon is the founder of BrewHop, a personalized tour company that over the last seven years has formed partnerships with more than 70 breweries in San Diego. The Seattle native is absolutely entrenched in the scene and is one of the more respected authorities on the craft beer industry. Though beer tourism is a year-round attraction for the city, Nixon says it was in December 2013 that she really started to see an uptick in her business. She’s booked about a month in advance. This is unusual, since it’s March, and her peak season begins in July.

The craft beer scene in San Diego has been gaining steam since its mainstream revival in the late ’90s. In the last three years, the number of licenses has doubled and 32 breweries are expected to join the existing 84 before the year is out.

Karl Strauss Brewing Co.

Many locals consider the beginning of the San Diego craft beer scene to have started in 1996 with the opening of Ballast Point, Stone Brewing Company and Coronado Brewing Co. The three 1996 breweries, with Karl Strauss, were situated in the four corners of San Diego County. They were in suburban and rural industrial areas. As the industry grew, it worked its way toward the urban core. Today, many attribute the revitalization of neighborhoods such as North Park and up-and-coming Imperial Beach to the craft beer culture.

“The gentrification of neighborhoods has been a benefit of the craft beer scene here in San Diego,” says Stone’s Sales Director Chad Heath. “From downtown, to North Park, South Park and surrounding areas, bars and restaurants that center on supporting local have helped shift these areas into some of the hippest parts of San Diego because you can enjoy great food and a craft beer from the brewery down the street. You can see the same effect happening in parts of Los Angeles as well.”

Mike Hess, of Mike Hess Brewing Company, is a North Park brewer. Hess, a former financial services professional, started brewing in his garage. In 2010, he opened for business as a nanobrewery. Opening day, 100 craft beer enthusiasts showed up and drank his entire inventory. He had to shut down for two weeks to replenish his stock. Eighteen months later, he signed a lease for a former JCPenney and Christian bookstore in North Park.

Hess went from making 300 barrels a year in his garage to 5,000 a year after signing the lease in March 2012 for his North Park brewery.

“Seven years ago, most of us wouldn’t have come here after dark,” Nixon says. North Park, which used to be a location for USO dances in the ‘40s before its decline, has turned around and recently landed on Forbes’ list of hippest neighborhoods.

IPA, short for India Pale Ale, is the fastest growing beer segment in craft beer sales. It’s characterized by hoppy flavor, generally high IBU (International Bitterness Units), and, until recently, high alcohol content. San Diego is known for its IPAs. In particular, it’s known for putting out IPAs that are lighter in color, lower in alcohol and a hop-forward taste. The taste is created by a dry-hopping technique in which brewers add hops a second time after the beer is fermenting. This style is generally associated with West Coast IPAs, but Hess (and many other San Diegans) insist a San Diego IPA is unique.

A Stone Brewing employee adds hops to the mixture. Photo by Amanda Ventura.

A Stone Brewing employee adds hops to the mixture. Photo by Amanda Ventura.

“Even ours are different than what’s farther up the coast,” Hess says. “They’re drier beers, also they finish less sweet. I’m seeing more people interested in sessional IPAs in the 3 to 5 percent (alcohol content) range. Usually it’s between 7 and 8 percent.”

Brandon Richards, Coronado Brewing.’s sales and marketing director, says Stone Brewing led San Diego’s IPA movement.

“We just really like hops here,” he says, adding that about 30 percent of all craft beer consumed comes from San Diego. It was 4 percent, he says, when Coronado Brewing Co. started. (Stone opened two weeks before Coronado.)

In 2012, Coronado bought a 20,000-square-foot facility in San Diego to boost manufacturing. It has seen 70 percent growth and more than doubled the annual number of barrels it produces.

Rick Chapman, Coronado Brewing Co.

Rick Chapman, Coronado Brewing Co.

As for the rapid growth of breweries, no one seems too concerned.

“Beer isn’t sitting on shelves,” says Coronado’s CEO Rick Chapman.

“Our market is moving faster than everyone else’s and has been for the last decade.”

Stone, arguably one of San Diego’s most well-known craft beer brewers and distributors, and one of the original ’96ers, has never paid for advertising. Yet, the gargoyle imagery on its beer bottles is as recognizable as its bold flavors.

In 2005, Stone moved from a small facility in San Marcos to Escondido, where it opened its current brewery. The following year, it opened Stone Brewing World Bistro & Gardens, a farm-to-table restaurant and one-acre beer garden. This allowed them to provide tours of the brewery as well as a dining-tasting experience that Heath attributes to a steady influx of tourists.

One thing that doesn’t stop at Stone, Heath says, is construction and expansion. In 2013, Stone added a second 120-barrel brewhouse and constructed Stone Packaging Hall, which is where its finished beers are bottled and kegged.

“I believe Stone and other great San Diego-based breweries are making a lot of great beers that are getting our region international attention,” says Heath.

San Diego Brewing Co. General Manager Karen Bernauer says the scene is set apart by collaboration between brewers and support from restaurants.

The National University Institute for Policy Research, a nonprofit, nonpartisan organization, reported craft brewers and brew pubs generated nearly $300 million in direct economic impact for San Diego County in 2011, based on $680.9 million in sales. That’s 1.5 times greater than Comic-Con International, the city’s largest annual convention. It’s estimated that 2,796 jobs were created or sustained by brewery industry jobs in 2011.

Brewery tourism in particular was found to be a year-round attraction. NUIPR’s research reported beer festivals alone attract nearly 100,000 attendees. The largest festival is San Diego Beer Week in November. More than 20,000 people attend and it’s estimated to have created 3,612 room nights and $469,307 in hotel revenue. A little more than half of brewery tourists, according to a University of North Carolina study, have an income more than $80,000. Many indicated a stay of three nights. Those who were traveling with friends or family were also staying at a hotel. On average, a brewery tourist will visit two breweries.

To help drive awareness to these events and local companies as well as create a united force among the breweries, the San Diego Brewers Guild was founded.

The guild hosts four annual events and supports 15 additional annual events.

To get more consumers involved, the SDBG started the Craft Coalition last summer. It has more than 200 members who have the option for behind-the-scenes tours and tasting room discounts.

To learn more about San Diego beer tours, visit brewhop.com.

For a visitor’s guide and to learn more about San Diego brewers and beer events, visit sandiegobrewersguild.org.

Rendering of Generations at Agritopia (a sister property). Renderings of the Ahwatukee location are not yet completed.

128-Unit Senior Housing Community Comes to Ahwatukee

Investment Property Associates, LLC (IPA) and Retirement Community Specialists (RCS) have partnered for a second time to develop a senior living community in Ahwatukee near the southwest corner of Chandler Boulevard and 50th Street.  The 8-acre site of the planned senior community is part of a 35-acre mixed-use parcel acquired by IPA in 2012.

The senior housing community, called “Generations at Ahwatukee,” is designed to be 160,000 square feet and to provide 128 total units.  The community will be licensed by the State of Arizona as an assisted living and directed care community and will offer independent living, assisted living and memory care.  The community will be operated by Retirement Community Specialists (RCS), a senior living management company based in Ahwatukee since 1998 and in the Phoenix area for over 25 years.

Rendering of Generations at Agritopia (a sister property). Renderings of the Ahwatukee location are not yet completed.

Rendering of Generations at Agritopia (a sister property). Renderings of the Ahwatukee location are not yet completed.

“We are thrilled to bring senior living to Ahwatukee where RCS has been a member of the business community for over 15 years,” said RCS President Eric Johnston.  “As a resident of Ahwatukee for more than 20 years, it is rewarding to be able to provide residents and their family members with quality senior living options, right in the neighborhood.”

The unit mix includes studio, one-bedroom and two-bedroom apartment styles as expansive as 1,150 square feet, and many unit styles will feature private balconies or patios. The community will offer an array of amenities that promote freedom from everyday burdens for residents to enjoy their interests and quality time with friends and family.  Current plans include a theater, fitness center, library, salon/barber shop, pool, community gardens, activity centers and restaurant-style dining rooms.

Generations at Ahwatukee will be situated to the north of the 402-unit, Liv Ahwatukee, one of IPA’s premier multifamily residential communities scheduled to open this summer.  Senior living fits well within IPA’s multigenerational vision of neighborhood.

“Generations at Ahwatukee will be a sister property to Generations at Agritopia, which is a senior living community that IPA and RCS own and operate in the literal center of the thriving community of Agritopia in Gilbert,” says Scott Brooks, a partner at IPA. “We strongly believe in the thoughtful design of multi-generational communities where people of all ages can interact with and enjoy each other. With Generations at Ahwatukee positioned next door to Liv Ahwatukee, our Generations residents can still very much be in the center of life’s action while also enjoying the high-level amenities and services they desire and expect from a premier senior living community.”

The Generations at Ahwatukee site is fully entitled and IPA expects to break ground in the fall. IPA has developed senior care communities in other markets; this will be the company’s second senior living development in Phoenix. MC Clark-Wayland Builders of Scottsdale, Ariz. will serve as the General Contractor.  Architectural services are provided by Todd & Associates of Phoenix and Thoma-Holec of Mesa, Ariz. will provide the interior design.

Alta Park West, WEB

IPA Arranges the Sale of Alta Park West for $30.05M

Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of Alta Park West, a 260-unit, 252,643 SF luxury apartment community in Peoria, Ariz., a major suburb of Phoenix. The $30.05M sales price equates to $115,500 per unit.

IPA senior director Steve Gebing and Marcus & Millichap vice president investments Cliff David advised the seller, a venture formed by Wood Partners, one of the nation’s largest multifamily developers, and Boston Capital Real Estate Partners of Boston, Mass. The buyer is Greenwood Village, Colo.-based Baron Properties.

“Developed by award-winning Wood Partners in 2008, Alta Park West delivers a luxurious living experience that reflects the aesthetic and social fabric of its community,” says Gebing. “The property has a unique location within Park West, a 250KSF open-air lifestyle center that provides residents with unparalleled live, work and play access.”

Situated at 9680 West Northern Ave. in Peoria, Alta Park West is located at the northwestern corner of Loop 101 and Northern Avenue with approximately 1,200 linear feet of drive-by visibility from an estimated 108,000 daily freeway commuters. The location provides immediate access to Westgate Entertainment District, a landmark destination encompassing approximately 8 million square feet of shopping, dining, and entertainment. The property is near a number of prominent employers, including a heavy concentration within the healthcare sector such as Banner Estrella Medical Center, Banner Thunderbird Medical Center, Arrowhead Hospital and the currently under development St. Joseph’s Westgate Medical Center, a 35-acre medical campus. Other notable employers include Luke Air Force Base and Honeywell International Inc.

Each Alta Park West apartment home features nine-foot ceilings, a fully equipped designer kitchen, full-size washers and dryers, walk-in closets, raised-panel doors, ample storage space and linen closets. Select apartment interiors have ceiling fans, kitchen islands, built-in computer niches, loft-style bedrooms and a private patio or balcony.

Community amenities include a resort-style heated swimming pool with spa, a state-of-the-art leasing office, a 24-hour fitness center, a clubhouse with resident lounge and Wi-Fi capabilities, a coffee bar, a fully appointed business center, a courtyard space with a playground and barbecue grills, controlled access gated entry with secured building access and 37 detached garages with automatic door openers.

Mayo Clinic Hospital - AZ Business Magazine Mar/Apr 2011

Steve Gebing Joins IPA

Institutional Property Advisors (IPA), a division of Marcus & Millichap Real Estate Investment Services, announced the expansion of its national team of senior advisors with the addition of Steve Gebing, according to Brian Murdy, national director of IPA.
Gebing has been a leading broker of major multifamily properties with Marcus & Millichap for more than seven years, completing over $532 million in transactions in the last two years. Gebing’s clients include some of the nation’s largest institutional and major private multifamily investors. As a senior director, he will be responsible for IPA’s Arizona office.
“We are excited to have Steve join IPA,” says Murdy. “He will continue building our presence in serving the robust Arizona markets and Nevada as well.”
Gebing and his business partner, Cliff David, a Marcus & Millichap vice president investments, are one of the strongest investment sales teams in Arizona. David will remain focused on the private client segment of the market while Gebing will focus on serving the needs of institutional clients through the IPA division.   Gebing and David will be located in IPA’s Phoenix office along with Peter Katz, whose primary responsibility is overseeing student housing for IPA nationally.
“The addition of Steve to our team is an important part of our strategic plan to provide comprehensive and integrated investment advisory services to major apartment investors through an expanding national collaborative platform,” says Hessam Nadji, Marcus & Millichap’s chief strategy officer.
Gebing joined Marcus & Millichap in 2006 as an associate in the firm’s Phoenix office, rising to vice president investments in July 2012. Gebing has earned three national achievement awards and three sales recognition awards. Prior to joining Marcus & Millichap, Gebing spent nearly seven years working for IBM, where he served as the worldwide sales and marketing manager for IBM’s emerging storage virtualization software. In this role, Gebing had responsibility for identifying new market opportunities, coordinating go-to-market activities, as well as developing, communicating and strengthening the portfolio’s value proposition.
Since its introduction, IPA’s sales volume of major apartments has nearly doubled, positioning IPA/Marcus & Millichap among Real Estate Alert’s top five institutional apartment brokers nationally. In October 2013, the firm expanded its services by introducing IPA Capital Markets, which works in an integrated fashion with the firm’s investment sales advisors to provide institutions and major private investors with a full range of financing services from a global suite of capital providers.


The Rockefeller Group, IPA Break Ground on Upscale Apartment Community in Gilbert


The Rockefeller Group and Investment Property Associates (IPA) broke ground on the first of two phases of a 402-unit Class A apartment community at the NEC of Warner and Recker roads in Gilbert.

Kevin R. Hackett, CEO of The Rockefeller Group; Bill Fettis, Partner, IPA; and Gilbert Mayor John Lewis delivered remarks. The event was hosted by The Rockefeller Group’s Mark Singerman, Regional Director – Arizona.

“When The Rockefeller Group sought to have a presence in the Gilbert area in 2009, we were very enthusiastic about the opportunity to invest in this project,” Hackett said. “With our partner IPA, we look forward to seeing our vision for the property realized at Liv Northgate, and eventually, all of North Gateway.”

Liv Northgate will complement The Rockefeller Group’s 155-acre mixed-use North Gateway master plan, which can accommodate more than 1 MSF of office and industrial space and 12.2 acres of retail development in addition to the 402 apartments.

“Breaking ground on Liv Northgate is the culmination of hard work by a team that includes our partner The Rockefeller Group, state and local officials, architects and engineers,” Fettis said. “That hard work will show its results when residents occupy their new homes next year.”

“Today we’re breaking ground on the residential portion of a much larger development by The Rockefeller Group that will include office, retail and industrial space and will create new jobs in Gilbert,” Mayor Lewis said. “This development provides a unique opportunity for our residents to bike or walk to their jobs and stores from their homes. That is significant.”

Liv Northgate will be managed by IPA and will consist of 402 garden-style, luxury apartment units in 2- and 3-story buildings, together with a leasing office, high-tech clubhouse, and extensive recreational amenities.

Each apartment will be finished with a premium appliance package, custom cabinets, slab granite kitchen counters, full-size washer and dryer, walk-in closets, ceiling fans, state-of-the-art communications wiring, simulated wood flooring, window blinds, 9-foot ceilings, and private balconies and patios with storage areas.

The project is designed by Whitneybell Perry Architects and will be built by MC Clark Wayland, both of Phoenix. Financing is provided by U.S. Bank.