PHOENIX, Jan. 3, 2020 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Alta Central, a 223-unit mid-rise multifamily building in Midtown Phoenix, Arizona.
“The property is a transit-oriented development in Arizona’s Innovation Corridor with immediate proximity to uptown, midtown, and downtown Phoenix’s cultural and entertainment hotspots and the largest concentration of white-collar professionals in the state,” said Steve Gebing, IPA senior managing director. “With more than 12.6 million square feet of under-construction or proposed mixed-use projects surrounding Alta Central, the area is poised for significant growth.” Gebing and IPA senior managing director Cliff David represented the seller and procured the buyer, Weidner Apartment Homes.
The property is less than a half-mile from two Metro Valley rail stations and inside a 3.5-mile radius of five freeways and Phoenix Sky Harbor International Airport. Composed of Midtown and Downtown Phoenix, Arizona’s Innovation Corridor has approximately 171,000 skilled professionals and about 1,700 companies, including Dignity Health, U-Haul, Wells Fargo, Banner Health, and CenturyLink. The nearby Camelback Corridor is home to approximately 865 businesses. Within a four-mile radius of the property, there are more than 300 dining options and Arizona State University’s Downtown Phoenix campus, the Herberger Theater Center and the Talking Stick Resort arena are nearby.
Constructed in 2019 on 2.6 acres, Alta Central has condominium-quality amenities such as a resident lounge with a designer-appointed demonstration kitchen, an executive boardroom and a controlled-access parking garage with reserved parking. The rooftop sky deck overlooks the Phoenix skyline and has a fenced dog run and grooming station.
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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.