Metropolitan Phoenix Apartment Asset Sale Brokered by Institutional Property Advisors
GLENDALE, Ariz., June 1, 2021 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Copper Falls, a newly constructed, 240-unit multifamily asset in the West Valley neighborhood of Glendale, Arizona. The $72 million sales price represents $300,000 per unit.
“The combination of durable jobs and outstanding growth in the area’s industrial and distribution sectors has provided the economic foundation for the West Valley’s housing market to rapidly appreciate,” said Steve Gebing, IPA executive managing director. “With 80% of Greater Phoenix’s future industrial growth projected to be in the West Valley, regional long-term rental demand is solidified.” Gebing and IPA executive managing director Cliff David represented the seller, P.B. Bell and procured the buyer, a private party.
Copper Falls is close to Loop 101, within walking distance to several grocery stores, and a short drive from the Westgate Entertainment District, State Farm Stadium, and Gila River Arena. Estrella Mountain Community College, Grand Canyon University and Glendale Community College are nearby.
Copper Falls’ one-, two- and three-bedroom apartments have open-concept living spaces, smart home technology, and designer finishes. Shared amenities include community bike racks, electric vehicle charging stations, a swimming pool, fitness center and pet play area. The 233,000-rentable-square-foot community was constructed in 2020 on 13 acres.
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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