Madison Grove in Phoenix sells for $51.3 million
Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Madison Grove, a 171-unit multifamily property in Phoenix, Arizona. The $51.3 million sales price equates to $300,000 per unit.
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“Surrounded by high-priced single-family residences in North Central Phoenix and Uptown’s restaurant row, Madison Grove has a distinct long-term advantage as home prices soar and high barriers to multifamily entry persist,” said Cliff David, IPA executive managing director. “In the last 20 years, less than 1,000 multifamily units have been built in the submarket and minimal multifamily development activity is currently in the pipeline.” David and IPA executive managing director Steve Gebing represented the seller, Rincon Partners and procured the buyer, Brass Enterprises. “Madison Grove experienced nearly $78,000 per unit in capital infusion from 2013 to 2017 and by adding washers and dryers to the apartment homes going forward, the buyer can complete the finishing touches on an asset that has advanced its profile better than any other multifamily property in our market built within the 1970s era,” added Gebing. “It’s truly a one-of-a kind asset.”
With frontage along 7th Street, the property is close to State Route 51, which gives residents expedient access to the Camelback and Innovation employment corridors. There are over 7,900 businesses within industries such as healthcare, finance, business and consumer services, high-tech manufacturing and education, all within a seven-mile radius of the property. Upscale neighborhood lifestyle conveniences are nearby at Uptown Plaza, The Shops at Town & Country, and Biltmore Fashion Park.
Constructed in 1976, the garden-style property was extensively renovated to include a complete unit interior redesign and property systems overhaul. Roofs were replaced, the leasing office and clubhouse sizably improved, and a new fitness center and resort-inspired swimming pool installed. Apartments have contemporary kitchens, wood-style vinyl flooring, wall-mounted flatscreen televisions, and dual-pane windows. Outside, residents have access to grilling stations and picnic seating, a firepit, laundry care facility, paver walkways, a dog park, and covered parking.