IPA sells Deer Creek Village for $49.5 million
Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Deer Creek Village, a 308-unit multifamily complex in North Phoenix. The $49.5 million sales price represents $160,714 per unit.
“Thoughtfully designed and consecutively owned for more than two decades, Deer Creek Village is at the pinnacle of North Phoenix 1980s value-add multifamily real estate,” said Cliff David, IPA senior managing director. David and Steve Gebing, IPA senior managing director, represented the seller, a private family/operating partner, and procured the buyer, Triumph Properties Group. “The acquisition presents new ownership with a full scope of value-add potential, both in terms of programmatic apartment interior renovations and common area amenity enhancements,” David added. “Given the significant value-add opportunity and overall well-maintained quality of the property, Triumph made an aggressive offer and closed the acquisition in 19 days.”
Positioned immediately north of Loop 101/Agua Fria Freeway at 31st Avenue, the property has outstanding freeway visibility and direct access to two of the metro’s largest employment corridors, Deer Valley and Interstate 17. The corridors are home to more than 94,400 professionals and approximately 2,400 businesses, including USAA, Discover Financial Services, Honeywell, Cox Communications, Blue Cross Blue Shield and Farmers Insurance.
Residents have nearly 14 million square feet of shopping available nearby at the Deer Valley Towne Center, the Shops at Norterra, and Happy Valley Towne Center. The Deer Valley Airport is approximately four miles from the community and Midwestern University’s Glendale campus, Arizona State University at the West Campus, and Arizona Christian University are nearby. Built in 1985 on more than 11 acres with predominantly two-story architecture, Deer Creek Village’s average unit size is 818 square feet. Community amenities include a playground, three swimming pools and two spas.