Institutional Property Advisors Brokers Sale and Sources Financing for Suburban Phoenix Multifamily Asset
October 06, 2022
GLENDALE, Ariz., Oct. 6, 2022 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Aspire Glendale, a 120-unit multifamily asset in Glendale, Arizona. The property traded for $29.2 million or $243,333 per unit.
“Aspire Glendale provides the opportunity for new ownership to further renovate apartment interiors as nearly 75% of the units are without a premium finish level,” said Cliff David, IPA executive managing director. “The broader Glendale submarket features limited multifamily housing stock, minimal new supply in the pipeline and a strengthening workforce, all of which principled the dynamics for the buyer team’s investment path forward.” David and Steve Gebing, IPA executive managing director, represented the seller, Clear Capital, and procured the buyer, Rise48 Equity. Brian Eisendrath, Cameron Chalfant and Jake Vitta of IPA Capital Markets arranged agency floating-rate financing.
Built in 1983, the property is near the 43rd Avenue and Glendale Avenue intersection, with reach to the Interstate 17 Employment Corridor and additional employment opportunities throughout Midtown and Downtown Phoenix, a short drive to the east. The area’s healthcare industry features a strong presence near the property with 30,700 medical professionals within a seven-mile radius. Grand Canyon University and shopping and entertainment at the Westgate Entertainment District are both a short distance away.
Aspire Glendale’s 60% one-bedroom and 40% two-bedroom unit configuration is equipped with in-unit washers and dryers and patios or balconies. Community amenities include a 24/7 fitness center and a swimming pool.
“Aspire Glendale provides the opportunity for new ownership to further renovate apartment interiors as nearly 75% of the units are without a premium finish level,” said Cliff David, IPA executive managing director. “The broader Glendale submarket features limited multifamily housing stock, minimal new supply in the pipeline and a strengthening workforce, all of which principled the dynamics for the buyer team’s investment path forward.” David and Steve Gebing, IPA executive managing director, represented the seller, Clear Capital, and procured the buyer, Rise48 Equity. Brian Eisendrath, Cameron Chalfant and Jake Vitta of IPA Capital Markets arranged agency floating-rate financing.
Built in 1983, the property is near the 43rd Avenue and Glendale Avenue intersection, with reach to the Interstate 17 Employment Corridor and additional employment opportunities throughout Midtown and Downtown Phoenix, a short drive to the east. The area’s healthcare industry features a strong presence near the property with 30,700 medical professionals within a seven-mile radius. Grand Canyon University and shopping and entertainment at the Westgate Entertainment District are both a short distance away.
Aspire Glendale’s 60% one-bedroom and 40% two-bedroom unit configuration is equipped with in-unit washers and dryers and patios or balconies. Community amenities include a 24/7 fitness center and a swimming pool.
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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.