Institutional Property Advisors (IPA), a division of Marcus & Millichap, (NYSE: MMI) announces that Steve Gebing and Cliff David, senior managing directors, closed nine multifamily property transactions totaling 2,171 units between June 29 and August 29 in the Phoenix metropolitan statistical area (MSA). The assets sold for a total of $258,475,000.
“Our continued acceleration in multifamily transaction velocity highlights the ever-growing confidence that institutional and major private investors have in this market,” says Gebing. “The underlying fundamentals of the local economy are maturing and creating deeper roots for sustainability and long-term success. Simply put, the game has changed in Arizona.”
“The Phoenix workforce is growing faster than the nation’s, at least in part because it’s easier to do business here than it is in some West Coast markets,” adds David. “That has spurred company expansions in the region and supplied Phoenix with high-paying positions in the tech industry. Another contributing factor to the growing number of households that are renting is a median home price that continues to climb at a higher rate than median household income.”
The nine properties Gebing and David sold recently are:
• Mesa Ridge, 151 units, Mesa, $13,725,000
• Sonoma Villas, 265 units, Mesa, $22,400,000
• Sonoma Pines, 216 units, $19,000,000
• Las Villas De Kino, 348 units, Tucson, $21,000,000
• Dolce Villagio, 37 units, Tempe, $10,000,000
• Urban Walk, Phoenix, 138 units, $11,950,000
• The Lofts at Rio Salado, 466 units, Tempe, $75,500,000
• CityScape at Lakeshore, 214 units, Tempe, $39,250,000
• Versante, 336 units, Avondale, $45,650,000
Between May 30 and June 15, 2017, Gebing and David closed five multifamily property transactions totaling 1,699 units and $217 million in the Phoenix MSA.