AVONDALE, Ariz., July 17, 2019 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Aventura, a 408-unit multifamily property in Avondale, Arizona. The property sold for $65.4 million, which equates to $160,294 per unit.
“Aventura is a Class A multifamily asset with a timeless architectural design, stylishly appointed apartment homes and direct walkability to nearly 1 million square feet of retail, dining and entertainment options,” said Steve Gebing, IPA senior managing director. “The property benefits from its proximity to the Southwest Valley’s flourishing workforce and the area’s nearly 96 million square feet of office, industrial, and flex space.”
Gebing and Cliff David, IPA senior managing director, represented the seller, Boston Capital, and procured the buyer, an institutional investment manager.
Located within walking distance of the Gateway Pavilions and Gateway Crossing, the property gives residents immediate access to Loop 101 and Interstate 10, which connect to Interstate 17, Loop 303 and the Loop 202 South Mountain expansion. The nearly 8-million-square-foot Westgate Entertainment District is less than seven miles from the property and Estrella Mountain Community College is less than five miles away. Built in 2000 on 18.4 acres, Aventura has received major improvements to its common areas and apartment interiors since January 2016.
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About Institutional Property Advisors (IPA)
With a network of senior-level investment advisors located throughout the United States and Canada, Institutional Property Advisors (IPA) is qualified to meet the needs of institutional and major private investors. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, superior support services and acclaimed research offer customized solutions for the acquisition and disposition of institutional properties and portfolios. www.institutionalpropertyadvisors.com.