SCOTTSDALE, Ariz., July 18, 2019 – Institutional Property Advisors (IPA), a division of Marcus & Millichap(NYSE: MMI), announced today the sale of The Manor Village at Scottsdale, a 101-unit senior housing asset in Scottsdale, Arizona. The property sold for $27 million, or $267,327 per unit.
“Currently, approximately 25% of Scottsdale’s 230,000 residents are in the 65-plus demographic and this market segment is expected to increase 22% by 2022,” said Steve Gebing, IPA senior managing director. “The Manor Village at Scottsdale provides seniors with a comfortable, convenient living experience enhanced by Scottsdale’s award-winning healthcare options and diverse recreational opportunities.” Gebing, Cliff David, IPA senior managing director, Hamid Panahi, IPA first vice president, and Tony Cassie, Marcus & Millichap first vice president represented the seller, The Statesman Group, and procured the buyer, CPF Senior Living. Ryan Sarbinoff, vice president and regional manager, is Marcus & Millichap’s broker of record in Arizona.
The property is situated along Loop 101, the Pima Freeway, six-tenths of a mile from the HonorHealth Scottsdale Shea Medical Center and a little over five miles from the Mayo Clinic’s Scottsdale campus. There nine golf courses within a six-mile radius of the property and six million square feet of retail space within a three-mile radius. Scottsdale Fashion Square, Desert Ridge, and Phoenix Sky Harbor International Airport are 20 minutes away. The Manor Village at Scottsdale was constructed in 1998 on 2.4 acres.
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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.