Institutional Property Advisors Closes $93.5 Million Multifamily Asset Sale in Greater Phoenix
“The abundant lifestyle amenities and expanding professional opportunities in the West Valley of Greater Phoenix have fueled substantial regional growth and widened the rent- versus-own affordability gap considerably,” said Steve Gebing, IPA executive managing director. “Cabana 99th is Glendale’s only purpose-built attainable multifamily asset and its smart-sized apartment homes and well-appointed community spaces present budget-conscious, middle-income professionals with a much-need housing option.” Gebing and IPA executive managing director Cliff David represented the seller, Greenlight Communities, and procured the buyer, B&R Capital Partners and American Landmark.
The property’s location adjacent to the Loop 101/Agua Fria Freeway provides direct access to the $1 billion Westgate Entertainment District, home to the NFL’s Arizona Cardinals. The nearby Southwest Valley Industrial and Loop 303 Corridors are home to nearly 116,000 working professionals at industry-leading companies such as Amazon, FedEx, Swift Transportation, PepsiCo, and Ball Corp. Camelback Ranch, spring training home of the Los Angeles Dodgers and Chicago White Sox is two-and-a-half miles from the property and retail is close by at Peoria Crossings and Tanger Outlets.
Completed in 2022, apartments at Cabana 99th have nine-foot ceilings, stainless-steel appliance packages, wood-style vinyl plank flooring with carpet in the bedrooms, and keyless entry systems. Select floor plans have built-in workstation desks and full-size front-loading washers and dryers. Shared amenities for relaxation and rejuvenation include a clubhouse, a fitness center, outdoor fitness circuits, and a resort-style swimming pool. The controlled-access, gated-entry property also has two laundry rooms, co-working space, a parcel delivery room and covered parking.
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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.