Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Modern on Peoria, a 216-unit multifamily asset in Peoria, Arizona. The property sold for $26 million, which equates to $120,370 per unit.
“Modern on Peoria is in a well-positioned niche atop the competitive set of properties built in the submarket within the 1980s,” said Cliff David, IPA senior managing director. “It is the predominant value-alternative to the newer generation of multifamily properties in Peoria, particularly those within the booming P83 Entertainment District.”
David and Steve Gebing, IPA senior managing director, represented the seller, a joint venture between Modern Residential Company and Henley USA, and procured the buyer, Goodman Real Estate.
Completed in 1984 on more than nine acres, the community is proximate to Thunderbird Crossing, Marketplace at Thunderbird and Thunderbird Beltway Plaza, which together have 374,198 square feet of neighborhood retail shopping. Loop 101 is less than one-half mile away, the P83 and Westgate entertainment districts are three miles away, and the Banner Boswell Medical Center is four miles from the property.
At the time of the sale, interiors at Modern on Peoria were just beginning to receive upgrades as a second phase of community transformation and rebranding executed by the seller. Community amenity improvements include creation of a ‘Central Rec’ area with concrete ping-pong tables, Adirondack seating, shade sails, music and bistro lighting. Additionally, a clubhouse lounge and leasing center was accentuated with a coffee bar, bistro seating, and music for ambiance.