IPA brokers $65.4M sale of Aventura in Avondale

Real Estate | 18 Jul |

Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Aventura, a 408-unit multifamily property in Avondale, Arizona. The property sold for $65.4 million, which equates to $160,294 per unit.

“Aventura is a Class A multifamily asset with a timeless architectural design, stylishly appointed apartment homes and direct walkability to nearly 1 million square feet of retail, dining and entertainment options,” said Steve Gebing, IPA senior managing director. “The property benefits from its proximity to the Southwest Valley’s flourishing workforce and the area’s nearly 96 million square feet of office, industrial, and flex space.”

Gebing and Cliff David, IPA senior managing director, represented the seller, Boston Capital, and procured the buyer, an institutional investment manager.  

Located within walking distance of the Gateway Pavilions and Gateway Crossing, the property gives residents immediate access to Loop 101 and Interstate 10, which connect to Interstate 17, Loop 303 and the Loop 202 South Mountain expansion. The nearly 8-million-square-foot Westgate Entertainment District is less than seven miles from the property and Estrella Mountain Community College is less than five miles away. Built in 2000 on 18.4 acres, Aventura has received major improvements to its common areas and apartment interiors since January 2016.

Marcus & Millichap also closes several other recent deals:

• Marcus & Millichap (NYSE: MMI) announced the sale of Rose at Melrose, a 15-unit apartment community located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $2,525,000. Paul Bay, an investment specialist in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a private investor.  The buyer, a private investor, was also secured and represented by Paul Bay. “With substantial interior and exterior renovations, Rose at Melrose has been appropriately repositioned to benefit the buyer with a turnkey investment opportunity,” Bay stated. “As such, this apartment community has satisfied renter demand by providing new, high-quality living spaces and access to local amenities.”

• Marcus & Millichap announced the sale of AT&T, a 2,300-square-foot net-leased property located in Tempe, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $1,930,000. Chris Lind, Jamie Medress and Mark Ruble, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. This net-leased AT&T is located at 737 East Broadway Road in Tempe, Arizona. The property is easily accessible due to its proximity to Arizona State University, Mill Avenue, and U.S. 60 Freeway. It sits on a signalized hard corner visible to more than 78,000 vehicles per day, is surrounded by student housing, and is across from a Safeway and Staples anchored shopping center.

• Marcus & Millichap announced the sale of Starbucks, a 2,400-square foot net-leased property located in San Tan Valley, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $2,620,000. Jamie Medress and Mark Ruble, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. Starbucks is located at 40889 North Ironwood Drive in San Tan Valley, the Phoenix metropolitan area’s southeastern suburbs. It sits adjacent to a new Safeway-anchored shopping center and is visible to more than 30,350 vehicles per day along North Ironwood Road. There are 77,996 residents in this rapidly growing trade area, and households in the immediate area are projected to increase more than 37% by 2022, implying that the property will continue to receive an increasing amount of traffic in the foreseeable future.

• Marcus & Millichap has announced the sale of AAA, an 8,800-square foot absolute triple-net-leased property located in Gilbert, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $3,982,000. Chris Lind, Jamie Medress and Mark Ruble, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. AAA is located at 2786 South Santan Village Parkway adjacent to SanTan Village Marketplace and SanTan Village in Gilbert, Arizona. The property was newly constructed in 2019 and is easily accessible from the Loop 202. Households in the immediate area are projected to increase by over 39% by 2022, in addition to the 250,298 residents in the growing Gilbert area.

• Marcus & Millichap announced the sale of Franmar Manor Apartments, a 78-unit multifamily community located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset commanded a sales price of $8,500,000 or $108,974 per unit. Rich Butler, a Senior Vice President Investments in Marcus & Millichap’s Phoenix office as well as Sean Connolly, a multifamily specialist in the Phoenix office negotiated the sale on behalf of both the seller and buyer.

• Marcus & Millichap announced the sale of Burger King Ground Lease, a 4,000-square foot net-leased property located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $1,650,000. Chris Lind, Jamie Medress and Mark Ruble, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.

 

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