$41 Million Multifamily Asset Sale Near Deer Valley in Northwest Phoenix Negotiated by Institutional Property Advisors
PHOENIX, Feb. 25, 2021 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Park at 33rd, a two-story, 224-unit multifamily property near Phoenix, Arizona’s Deer Valley Region. The asset sold for $41 million, or $183,036 per unit.
“The limited supply of similar 1980s-built inventory near Park at 33rd and the increasing scarcity of blank canvas interior value-add opportunities presented the buyer with a lot of open road for implementing a renovation program and increasing revenue,” said IPA executive managing director Cliff David. “The property had been meticulously maintained by the seller throughout their repositioning of the exterior, giving the buyer an ideal springboard for executing an interior renovation plan,” added IPA executive managing director Steve Gebing. David and Gebing represented the seller, KA Capital, and procured the buyer, SAM Residential Group.
Located near the intersection of 35th Avenue and Bell Road, the community is less than one mile from Interstate 17, which connects with the Valley’s busiest highways, including Loop 101/Agua Fria Freeway and Interstate 10. The Deer Valley and Interstate 17 employment corridors, which combine to have 2,400 businesses and 97,000 employees, are nearby. Notable employers in the region include USAA, Discover Financial Services, Honeywell, and PetSmart. Three medical centers, HonorHealth Deer Valley Medical Center, Abrazo Arrowhead Campus and Banner Thunderbird Medical Center are within a five-mile radius of the property and there is 5.6 million square feet of retail, dining, and entertainment located along the Bell Road Retail Corridor.
Completed in 1986, Park at 33rd’s community amenities include two swimming pools and spas, a new fitness center, two laundry care centers, a dog park and a community playground. The leasing office and resident clubhouse were recently modernized.
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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