$69.25 Million Multifamily Asset in Arizona Sold by IPA
CHANDLER, Ariz., May 15, 2018 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announces the sale of Alta Steelyard Lofts, a core Class “A” mid-rise, 301-unit multifamily property located Chandler, Arizona. The property sold for $69.25 million, which represents $230,066 per unit.
“Alta Steelyard Lofts is a signature asset centrally located in downtown Chandler’s burgeoning economic landscape, offering local professionals walkability to a charming urban social scene,” says Steve Gebing, senior managing director, IPA. Gebing and Cliff David, also with IPA, represented the seller, Wood Partners, and procured the buyer, Olympus Property.
Completed in 2016 on the former site of a steel fabrication facility, Alta Steelyard Lofts is located at 155 East Frye Road near Arizona Avenue in Chandler.