Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today that between December 2019 and January 2020, IPA senior managing directors Steve Gebing and Cliff David completed $486 million in multifamily transactions totaling 2406 units in the Phoenix Metropolitan Area. The Phoenix-based team began 2020 with $200 million in closings in the Phoenix Metro and have completed $1,876,517,677 in multifamily sales in the past 12 months.
“The multifamily investment market in Phoenix continues its dynamic run,” said Gebing. “The city’s business-friendly environment, lower expenses and highly educated workforce keep it in a leadership position as one of the nation’s fastest-growing economies. Healthy job gains, favorable yields and the attraction of capturing upside have been the main catalysts pumping investment capital into the apartment sector this cycle,” Gebing added.
Sample properties sold by Gebing and David at the end of 2019 and beginning of 2020 are:
• Green Leaf Arrowhead Ranch, 256 units in Glendale
• Liv Goodyear, 326 units in Goodyear
• Alta Central, 223 units in Phoenix
• Deer Creek Village, 308 units in Phoenix
• Mountain Park, 240 units in Phoenix
• Parc Midtown, 306 units in Phoenix
• Strayhorse Arrowhead Ranch, 136 units in Phoenix
“The Valley led the nation last year in rent growth, creating robust cash flows for owners, and this will hold buyers’ interest as we head further into the new year,” added David. “We anticipate that popular targets for private and institutional groups will be the East Valley and value-add and opportunistic buyers will focus on submarkets that have recorded minimal supply growth this cycle such as the West Valley, Mesa and South Phoenix.”
“In their work on behalf of owners and investors in the Phoenix Metro over the last 15 years, Steve and Cliff have been highly attentive to every nuance of the multifamily investment marketplace and are adept at identifying opportunities for investors and fulfilling the financial goals of their clients,” added Ryan Sarbinoff, vice president and regional manager of Marcus & Millichap’s Phoenix office.