$43.55 Million Suburban Phoenix Multifamily Sale Brokered by IPA
$43.55 Million Suburban Phoenix Multifamily Sale Brokered by IPA PEORIA, Ariz., May 2, 2018 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announces the sale of Vue Park West, a 260-unit multifamily asset located within Park West, a 250,000-square-foot open-air lifestyle center in Peoria, Arizona. The property sold for $43,550,000, which represents $167,500 per unit.
“Through its location within Park West, Vue Park West provides residents with walkable access to all the benefits of a true live, work, and play experience,” says Steve Gebing, senior managing director, IPA. “The acquisition gives new ownership the opportunity to enhance value by implementing apartment interior renovations to complement recent improvements made to the exterior and common areas.”
Gebing and Cliff David, senior managing director, IPA, represented the seller, a joint venture between Baron Properties and Buchanan Street Partners, and procured the buyer, an institutional investment manager. Vue Park West is directly adjacent to Loop 101, the Agua Fria Freeway, and close to Interstate 10 and St. Joseph’s Westgate Medical Center. The Bell Road Retail Corridor, which has nearly five million square feet of retail, dining, and entertainment is seven miles away. The Westgate Entertainment District, a nearly eight million-square-foot mixed-use development anchored by the University of Phoenix Stadium and Gila River Arena is within two miles. Major nearby employers include Conair Corp. Humana Pharmacy Solutions, Bechtel Corp. and Luke Air Force Base. Built in 2008 on nearly 12 acres, the 252,643-net-rentable-square-foot Vue Park West features nine residential buildings with an attached leasing office, clubhouse and fitness center.