Marcus & Millichap division, Institutional Property Advisors (IPA), brokered the sale of MonteViejo Apartment Homes, a 480-unit multifamily asset located in the rolling hills of northeast Phoenix. The property sold for $58.55 million, or just less than $122,000 per apartment.
“Excellent submarket fundamentals, such as high median household income, income growth and high occupancy support MonteViejo’s operational momentum,” says Steve Gebing, IPA senior director. “The property’s positioning within the submarket also make it a prime candidate for the implementation of a common area amenity and apartment interior renovation program.”
Gebing and Cliff David, a senior director of Marcus & Millichap’s National Multi Housing Group in Phoenix, represented the seller and procured the buyer.
“Created by award-winning Gray Development Group in 2004, MonteViejo’s 21 smart-sized floorplans provide comfortable lifestyle options for value-conscious urban renters,” adds David.
The community is located with nearly 1,600 linear feet of drive-by visibility from an estimated 150,000 daily freeway commuters on the southwestern corner of Loop 101 and Cave Creek Road at 2220 E. Beardsley Rd.. The North Interstate 17/Deer Valley Employment Corridor, one of the largest employment concentrations within the metropolitan region, is less than five miles west of the property.
MonteViejo Apartment Homes has many community amenities, including two resort-style swimming pools with spas and a designer clubhouse with two-story windows that provide unobstructed views of the main pool. Apartment homes feature nine-foot ceilings and select interiors have garden-style soaking tubs.
