Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced the sale of Port Royale, a 252-unit multifamily property in Sierra Vista, Arizona. The $46.5 million sales price equates to $184,524 per unit.
“Southern Arizona is one of the state’s most rapidly growing areas and in April 2022, Sierra Vista was ranked No. 7 nationally for year-over-year rent growth,” said Hamid Panahi, IPA senior vice president. “The seller recognized that a post-2000-vintage asset like Port Royale is rarely available to new investors and capitalized on the demand.”
“Previous ownership implemented a robust renovation program that new ownership can continue, further adding value for existing and new residents,” said Clint Wadlund, IPA senior director. Panahi, Wadlund and IPA’s Steve Gebing and Cliff David represented the seller, Element Property Company, and procured the buyer, Sundance Bay. The property is located near Arizona State Routes 82 and 90, the University of Arizona South, Cochise College, and Sierra Vista Municipal Airport. Shopping is close by at the Plaza Vista Mall, Cochise Crossroads, and Hastings Center. Sierra Vista’s major employers include Canyon Vista Medical Center and Fort Huachuca, which is five miles from Port Royale.
Constructed in 2004 and 2008 on 13 acres, the property is a gated, 18 residential building asset with a renovated leasing office and clubhouse, a resort-style swimming pool, assigned covered parking and detached garages. The one-, two- and three-bedroom apartments have full-size washers and dryers and private patios or balconies. The average unit size is 874 square feet.