PHOENIX,Aug. 18,2 020 –Institutional Property Advisors (IPA), a division ofMarcus & Millichap (NYSE: MMI), announced today the sale of Verona Court, a 141-unit apartment complex in Phoenix, Arizona. The property sold for $20 million, which equates to $141,844 per unit.
“Verona Court benefits from its proximity to the Deer Valley employment corridor and Desert Ridge region of North Phoenix”,said Cliff David, IPA executive director. “There is great affordability in play as the property offers a lower cost option to Deer Valley and Desert Ridge, making the buyer’s value-add proposition such a viable strategy in today’s market environment.” David and Steve Gebing, IPA executive director, represented the seller, a partnership between Dalan Management and VM Management, and procured the private buyer.
Major employers in theDeer Valley corridorinclude USAA, Discover Financial Services, Honeywell, Cox Communications, and Blue Cross Blue Shield. The Deer Valley and Desert Ridge medical facilities include HonorHealth Deer Valley Hospital, Mayo Clinic, and the Abrazo Scottsdale Campus. The 1.2-million-square-foot Desert Ridge Marketplace, one of Greater Phoenix’s most popular shopping, dining and entertainment destinations, is three miles northeast of the community. Constructed in 1985, Verona Court’s unit mix consists of one- and two-bedroom apartment homes. Community amenities include two laundry facilities and two swimming pools.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com