Tag Archives: Steve Gebing

Aura at Midtown, Courtesy of Marcus & Millichap

Aura at Midtown sells for $8.69M

Marcus & Millichap announced the sale of Aura at Midtown, a 96-unit apartment complex in Phoenix. The $8.69M sales price equates to $90,500 per unit.

Steve Gebing, a senior director of Institutional Property Advisors, a division of Marcus & Millichap, along with Marcus & Millichap vice president investments Cliff David, first vice president investments Richard Butler, senior associate Brian Tranetzki and associate Trevor Hardy, all in the firm’s Phoenix office, advised the seller, Pathfinder Partners and Avenue North. The buyer is Capital Real Estate.

“Developed by Staman & Kahnweiler in 1959 and 1962, Aura at Midtown was recognized as one of the ‘5 Coolest Apartment Complexes in Phoenix’ by the Phoenix New Times in 2014,” says Gebing. “The previous owner initiated a successful repositioning and rebranding of the property that the new owner can continue.”

The property is located inside Encanto Village at 3623 North 5th Ave. within the City of Phoenix’s Infill Development District and adjoining Transit-Oriented Zoning Overlay District One (TOD-1), an area experiencing millions of dollars in gentrification efforts and a residential revival. Central Avenue, home to the highest concentration of employment in Arizona, is less than one mile east of the complex. The Valley Metro light rail’s Osborn/Central station is located less than six blocks away and access to Interstate 10, the Maricopa Freeway, State Route 51, the Piestewa Freeway, and Arizona State Route 202, the Red Mountain Freeway is nearby.

Aura at Midtown features five floor plans that include renovated one-, two- and three-bedroom apartment homes that average 889 square feet. Interior finishes include new appliance packages, upgraded countertops with glass tile backsplash, wide plank wood-style flooring or stained concrete floors, vintage bathroom tiling and retro fixtures, remote-operated ceiling fans, oversized windows, and sliding arcadia doors. Community amenities consist of two newly remodeled and redecorated swimming pools, a community-run organic vegetable garden, restricted-access 24-hour fitness center, convenient on-site laundry facilities, keyed entry pedestrian gates, covered parking, and rentable storage units.

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.