Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced that in the fourth quarter of 2020, IPA executive managing directors Steve Gebing and Cliff David closed multifamily sales in Arizona and Utah valued at $916,480,438.
“Multifamily investment velocity slowed in the second quarter of 2020 as the economy began to feel the effects of the health crisis,” said Gebing. “Financing tightened and some investors paused to assess the short-term outlook. In the third and fourth quarters, multifamily investment activity improved dramatically.”
Gebing and David’s significant closings included the $117.5 million sale of Onnix, a 659-unit multifamily asset in Tempe; The Fairways at San Marcos, a 352-unit apartment property in Tempe that traded at $84.48 million; Riata, a 300-unit luxury apartment property in Chandler that sold for $91 million, and Maxwell on 66th, a 349-unit garden-style asset in Phoenix’s North Scottsdale Corridor that brought $122.5 million. “Phoenix’s favorable demographics, led by years of above-average population growth, continue to benefit commercial real estate investment and mitigate uncertainty caused by turbulent times,” added David.
“Last spring, when COVID-19 disrupted the economy and shelter-in-place orders surfaced, Steve and Cliff spent more time than ever connecting with our clients to understand their needs and provide guidance,” explained Ryan Sarbinoff, vice president and regional manager of Marcus & Millichap’s Phoenix office. “They also, as always, assiduously monitored their market and analyzed all the relevant data. In the fall, when price clarity emerged and capital markets thawed, Steve and Cliff were completely prepared to implement their clients’ investment strategies.”