Institutional Property Advisors Closes North Central Phoenix Area Multifamily Sale
PHOENIX, Nov. 8, 2021 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of The Halifax, a 300-unit multifamily asset in Phoenix, Arizona. The $76 million sales price represents $253,333 per unit.
“Nearby high-priced single-family residences in North Central Phoenix layered with limited land availability within this mature infill location provide high barriers to entry and a distinct long-term competitive advantage for The Halifax,” said Cliff David, IPA executive managing director. “Originally constructed in 1973, the property underwent a large-scale reconstruction from 2018-2021. Apartment interiors received new luxury finishes in entirety, property systems were upgraded, and best-in-class common area amenities were added. The thoughtfulness and attention to detail is evident in the comprehensive asset transformation, truly a set apart execution within the context of our local market.” David and IPA executive managing director Steve Gebing represented the seller, Jevan Capital and procured the buyer, Western Wealth Capital.
Located on Northern Avenue immediately west of the Phoenix Mountains Preserve, the property is proximate to State Route 51 and dense employment opportunities in Camelback East, Uptown, Midtown, and Downtown Phoenix. Shopping is close by at Biltmore Fashion Park, The Shops at Town & Country, Camelback Colonnade and Madison Village Marketplace. The Hilton Phoenix Resort at the Peak is a mile away.
The Halifax’s one-, two- and three-bedroom apartment homes feature custom cabinetry with brushed nickel hardware, breakfast bars, and wood-style vinyl flooring. Select units offer granite countertops, stainless steel appliances, kitchen pantries, and walk-in closets. The average unit size is 782 square feet. Shared amenities include a centrally located and rebuilt swimming pool and spa, a modernized leasing office, business center, fitness center, two laundry facilities, freshly installed dog park, and covered parking.
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