Suburban Phoenix Multifamily Asset Sold by IPA for $64.8 Million
CHANDLER, Ariz., April 19, 2018 - Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announces the sale of The Met at Fashion Center, a three-building, 303-unit multi-housing investment property in Chandler, Arizona. The property sold for $64.8 million, which equates to $213,861 per unit.
“The Met at Fashion Center’s location is ideal for professionals delaying home purchases to live in urban settings where they can work and socialize within a short distance of home,” says Steve Gebing, senior managing director, IPA. “Despite above average household incomes of more than $96,000 in the area, residents of Chandler living within a one-mile radius of The Met at Fashion Center face single-family home prices that are 59 percent higher than the city of Phoenix average.”
Gebing, and Cliff David, also an IPA senior managing director, represented the sellers, HCW Development and the Statesman Group, and procured the buyer, an institutional investment manager.
Built in 2016, The Met at Fashion Center is adjacent to the Chandler Fashion Center, a 1.3 million-square-foot super regional shopping mall. The location provides immediate access to the Price Corridor, which accounts for nearly one-third of the city’s total employment base. Chandler Regional Medical Center is three miles away and Downtown Chandler is within four miles.