Marcus & Millichap’s Institutional Property Advisors Closes $187.5 Million Multifamily Asset Sale in Phoenix
Marcus & Millichap, Inc. (MMI)
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Source: Business Wire
PHOENIX--(BUSINESS WIRE)--Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE:MMI), announced today the sale of Desert Club, a 497-unit multifamily asset in Phoenix, Arizona. The property sold for $187.5 million, or $377,264 per unit. The transaction is the largest single asset multifamily sale in Arizona in over two years and one of the ten largest single asset multifamily sales in the United States year-to-date.“Unprecedented, 20-year consecutive institutional ownership is a testament to Desert Club’s differentiated physical attributes and the unrivaled appeal of North Scottsdale, Arizona’s most sought-after submarket,” said Steve Gebing, IPA executive managing director. “The setting offers immediate accessibility to two of the nation’s finest open-air retail centers, Scottsdale Quarter and Kierland Commons, featuring hundreds of high-end tenants that cater to a market-leading demographic base with average and median annual household incomes of $157,000
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