Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Monterra Apartment Homes, a 258-unit multifamily property in Phoenix, Arizona. The complex sold for $37.2 million, which equates to $144,186 per unit.
“Drawn to the area by the increasing number of well-paying jobs, the Valley’s 20-to-34-year-old age group—the prime renter cohort—is growing five times faster than the national rate,” said Steve Gebing, IPA senior managing director. “The rising number of renters should continue to drive apartment demand marketwide, and vacancy is expected to drop below 5 percent for the first time since early 2001.”
Gebing and Cliff David, IPA senior managing director, represented the seller, Weidner Apartment Homes, and procured the buyer, an institutional investment manager.
Built in 2001, Monterra Apartment Homes is easily accessible from Loop 202, the South Mountain Freeway, Arizona State Route 51, and Interstate 10. Valley Metro light rail and Phoenix Sky Harbor Airport are nearby, and Arizona State University, Biltmore Fashion Park, Phoenix Country Club are within easy reach.
