Tag Archives: Steve Gebing

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.

Cabana on Seventh

Cabana apartments in Tempe trades hands at $5 million

Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has arranged the sale of Cabana on Seventh, a 74-unit apartment property in north central Phoenix. The $5 million sales price equates to $67,568 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, and associate Trevor Hardy, represented the seller and procured the buyer.

“New, trendy restaurants and hip eateries are flocking to this gentrifying area,” says Gebing. “Home values in neighborhoods surrounding the property are climbing faster than in almost all other parts of the Valley, widening the affordability gap between the cost of single-family housing and rental housing, making Cabana on Seventh a prime candidate for a deep exterior and interior renovation program.”

Built in 1972 on 2.16 acres, the two-story property is located at 5615 North 7th Street in Phoenix. Community amenities include a swimming pool, fitness center, picnic area, Internet access and laundry facilities.

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.

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.