Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced the sale of Eagle Crest, a 408-unit multifamily asset located near the Arrowhead Ranch master-planned community in Glendale, Arizona. The property sold for $55 million, which equates to $134,804 per unit.
“The global health crisis has not eroded the appeal of Greater Phoenix’s low population density and cost of living,” said Cliff David, IPA executive managing director.“With more than 77,000 new residents in 2019, Phoenix led the nation in net in-migration and this trend is likely to accelerate in the current environment.” David, Steve Gebing, IPA executive managing director, and Marty Cohan, senior vice president investments in Marcus & Millichap’s West Los Angeles office, represented the seller, a private family trust, and procured the buyer, S2 Capital. Ryan Sarbinoff, vice president and regional manager is the firm’s broker of record in Arizona. “Companies also continue to move and expand in the Phoenix area,” added Gebing. “Expanding logistical operations in the market and the metro’s industrial sector are benefiting from an increased presence among manufacturers.”
Read the Full Article at AZ Big Media