Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Parc Midtown, a 306-unit apartment complex in Phoenix, Arizona. The $78.5 million sales price equates to $256,536 per unit.
“Influenced by the recognizable architecture of Midtown Phoenix’s former Mercedes Benz dealership, Parc Midtown is emblematic of a unique adaptive reuse effort that transformed an iconic location into a luxury haven for urban professionals,” said Steve Gebing, IPA senior managing director. “Centrally located in the most dense economic region in the state with immediate access to over 200,000 highly skilled professionals, the property’s leasing office opened in January 2018 and the community was 90% occupied by July 2019.” Gebing and Cliff David, IPA senior managing director, represented the seller, Evergreen, and procured the buyer, FSC Realty.
Positioned immediately west of the Central Avenue and Indian School Road intersection, Parc Midtown is three-tenths of a mile from the Indian School/Central Avenue Valley Metro Rail station and close to Steele Indian School Park. The Park Central Mall and employers such as Ricoh USA, Cavco Industries, IBM and AIG are nearby.