Luxury Multi-Housing Asset with Value-Add Potential Sold by IPA
June 22, 2017
PHOENIX, June 22, 2017 – Institutional Property Advisors (IPA) announced today the sale of Green Leaf Promontory Pointe, a luxury, 424-unit apartment complex in North Central Phoenix, Arizona. The asset sold for an undisclosed price.
“Green Leaf Promontory Pointe enjoys a coveted position within the submarket’s competitive landscape, particularly with its topography and striking mountain views,” says Cliff David, senior managing director. “New ownership has the opportunity to leverage the property’s one-of-a-kind location with an apartment interior upgrade effort primed to produce monthly rent gains that will work in conjunction with the asset’s already strong operating fundamentals.”
David, and Steve Gebing, senior managing director, represented the seller, Green Leaf Partners, and procured the buyer, Greystar Real Estate Partners.
Built in two phases in 1984 and 1996, the property is located within the 1,200-acre Pointe Tapatio master-planned community in Phoenix. The Bell Road retail corridor, State Route 51, and the Central Avenue Corridor, the state’s largest employment center, are four miles away. Paradise Valley Mall, a 1.15-million-square-foot super regional mall and Metrocenter Mall, a 1.2-million-square-foot regional shopping mall, are also close by.