$25 Million Multifamily Value-Add Opportunity Sold by IPA
December 14, 2017
PHOENIX, Dec. 14, 2017 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) announces the sale of The Grove Deer Valley, a 208-unit multifamily asset in the Deer Valley region of North Phoenix. The $25 million sales price equates to more than $120,000 per unit.
“New ownership has a great opportunity to enhance the value of this asset by continuing the unit interior renovation program and repositioning the remaining apartments to compliment the recently upgraded leasing office, clubhouse, and fitness center,” says Steve Gebing, executive managing director.
Gebing, and Cliff David, senior managing director, represented the seller, Stratford Partners, and procured the buyer, RedHill Realty Investors.
The property’s location near the Interstate 17 and Deer Valley employment corridors places residents within easy reach of 38 million square feet of office, industrial and flex space. The Deer Valley Towne Center, a 459,967-square-foot neighborhood shopping center, is less than four miles away and the Bell Road retail corridor, home to more than 15 retail centers, is also nearby.
Built in 1996 on 8.75 acres, The Grove Deer Valley features one-, two- and three-bedroom apartment homes.