The District at Fiesta Park.
IPA closes 2 Phoenix multifamily sales for more than $107M
Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sales of The District at Fiesta Park, a 321-unit multifamily asset in Mesa and Arcadia on 49th, a 192-unit multifamily asset in Phoenix. The District at Fiesta Park’s $69.85 million sales price equates to $217,601 per unit while Arcadia on 49th’s $37.45 million sales price equates to $195,052 per unit.
“The District at Fiesta Park and Arcadia on 49th represented a rare opportunity to acquire two institutional quality apartment communities located in two diverse burgeoning Phoenix submarkets,” said Steve Gebing, IPA executive managing director. “Phoenix’s rapidly expanding business climate continues to see a large influx of demand, creating an increased interest for investors looking for multifamily assets with value-add potential.” Gebing and Cliff David, IPA executive managing director represented the seller, JB Partners, for both properties, while also procuring the buyer, Bridge Investment Group.
Both properties provide residents with a plethora of communal and in-unit amenities, including a pool, fitness center, dog park, covered parking, and walking distance from popular restaurants, retail, and dining. Major highways are nearby, making commuting from both properties extremely convenient.
“The District at Fiesta Park, built in 1979, offers an increasingly rare blank-canvas value-add opportunity with 100% of its units unrenovated. Antiquated common area amenities and interior finishes will provide the new ownership with the opportunity to implement a strong renovation program to match current consumer preferences and expectations,” added David. “This was a large factor behind a highly competitive bidding process for the property.”
Arcadia on 49th, built in 1972, hosts four floor plans, including studio, one-, two-, and three-bedroom apartments, providing prospective residents with a variety of options to fit their needs.
“Located in the geographic center of the Phoenix MSA, Arcadia on 49th is anchored by the Camelback Corridor, Old Town Scottsdale, and Downtown Phoenix.,” said Gebing. “Over 12,000 businesses are with a ten-mile radius, spread across key industries including healthcare, finance, manufacturing, and information technology.”
Marcus & Millichap sells Casa Nueva, a 90-unit apartment building in Phoenix
Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Casa Nueva, a 90-unit apartment property located in Phoenix, AZ, according to Ryan Sarbinoff, regional manager of the firm’s Phoenix office. The asset sold for $17,400,000.
“Conveniently located 1.5 miles west of the State Route 51 Freeway (SR-51) in a rapidly improving North Phoenix submarket, Casa Nueva is poised for sustained rental growth and stability,” said Paul Bay, first vice president investments in Marcus & Millichap’s Phoenix office. “Future ownership will have the opportunity to renovate the remaining legacy units at the property to realize associated premiums already proven in the area.” Bay and Darrell Moffitt, senior vice president in the firm’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, another private investor, was procured by Bay and Moffitt.
Casa Nueva is located at 2502 East Greenway Road in Phoenix, Arizona. The asset was built in two phases, starting in 1981 and completed in 1987. Casa Nueva consists of 90 units, 67 of which have been renovated and include in-suite laundry.
Marcus & Millichap sells 15.71-Acre manufactured home community in Sahuarita
Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Santa Rita Heights Mobile Home Park, a 15.71-acre manufactured homes community located in Sahuarita, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $2,100,000.
“Marcus & Millichap’s platform and reputation helped secure this listing, which went under contract after just three weeks on the market,” shared Michael Escobedo, an investment specialist in Marcus & Millichap’s Phoenix office. Escobedo had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, another limited liability company, was procured by Escobedo. “The buyer plans to bring improvement and renovations to the property,” shared Escobedo. “The property had tremendous upside due to low market rents combined with a fast-growing city of Sahuarita, this park has high growth potential.”
Built in 1975, Santa Rita Heights Mobile Home Park consists of 48 mobile homes, one RV and one single family home. The site density of the park is 3.18 sites-per-acre. The manufactured home community was 90% occupied at the time of sale. Santa Rita Heights Mobile Home Park is located at 17111 South Country Club Road in Sahuarita, Arizona.