Institutional Property Advisors Completes Sale of Attainable Housing Asset in Scottsdale, Arizona
SCOTTSDALE, Ariz., Nov. 10, 2021 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Cabana on Hayden, an 89-unit multifamily asset in Scottsdale, Arizona. The $30.075 million sale price equates to $337,921 per unit.
“Scottsdale’s first and only purpose-built for renters in one of the region’s most highly sought-after locations,” said Steve Gebing, IPA executive managing director. Gebing and Cliff David, fellow IPA executive managing director, represented the seller, Greenlight Communities and procured the buyer.
Completed in 2021, the property’s central Phoenix-area location provides immediate access to Scottsdale’s high-profile employment corridors, Downtown Phoenix, Sky Harbor International Airport, and the Southeast Valley. Nearby North Tempe and Papago Park are home to Fortune 500 companies such as Amazon and State Farm, and Arizona State University’s presence in Tempe attracts new businesses and partnerships such as SkySong, the 1.2 million-square-foot ASU Scottsdale Innovation Center.
Cabana on Hayden has studio, one- and two-bedroom floorplans with nine-foot ceilings, European wood-style cabinetry, smart thermostats, and full-size washers and dryers. Studio and one-bedroom floor plans have built-in workstation desks. Community amenities include a resort-style swimming pool, fitness center, co-working space, a parcel delivery room 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