Institutional Property Advisors Closes Sale of Downtown Phoenix High-Rise and Arranges Financing
May 24, 2023
PHOENIX, Ariz., May 24, 2023 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale and financing of 700 North 4th Street, a 27-story, 234-unit luxury multifamily asset in Phoenix, Arizona.
“Embedded within downtown and midtown Phoenix’s Innovation Corridor, 700 North 4th Street retains access to more than 171,000 employees across a roster of industry leaders,” said Steve Gebing, IPA executive managing director. “ASU anchors Downtown Phoenix’s higher education base and in concert with the area’s growing bioscience sector, contributes greatly to the region’s outstanding employment growth.” Gebing and IPA executive managing directors Cliff David and Peter Katz represented the seller and procured the buyer, Weidner Apartment Homes. The IPA Capital Markets team led by Brian Eisendrath, Cameron Chalfant, Jake Vitta and Jesse Zarouk arranged acquisition financing.
The apartment building is near the Roosevelt Row Artist’s District, the Arizona Center shopping mall and the Phoenix Farmers Market. The University of Arizona and Phoenix College are nearby and the Roosevelt/Central Avenue and Van Buren/Central Avenue light rail stations are within walking distance. Major employers such as ASU, Dignity Health, Freeport McMoRan, Wells Fargo and Banner Health are within proximity.
700 North 4th Street’s communal area accommodations are dispersed across an eighth-floor amenity deck, 27th-floor sky lounge clubhouse, and rooftop deck.
Community amenities include a fitness center, resort-style swimming pool and spa, demonstration kitchen with bar seating, and collaborative and private working spaces. The unit mix of studio, one-, two- and three-bedroom apartments averages 643 square feet and features nine-foot floor-to-ceiling windows, stackable washers and dryers, wood-style vinyl flooring, walk-in showers, and keyless smart lock entry.
“Embedded within downtown and midtown Phoenix’s Innovation Corridor, 700 North 4th Street retains access to more than 171,000 employees across a roster of industry leaders,” said Steve Gebing, IPA executive managing director. “ASU anchors Downtown Phoenix’s higher education base and in concert with the area’s growing bioscience sector, contributes greatly to the region’s outstanding employment growth.” Gebing and IPA executive managing directors Cliff David and Peter Katz represented the seller and procured the buyer, Weidner Apartment Homes. The IPA Capital Markets team led by Brian Eisendrath, Cameron Chalfant, Jake Vitta and Jesse Zarouk arranged acquisition financing.
The apartment building is near the Roosevelt Row Artist’s District, the Arizona Center shopping mall and the Phoenix Farmers Market. The University of Arizona and Phoenix College are nearby and the Roosevelt/Central Avenue and Van Buren/Central Avenue light rail stations are within walking distance. Major employers such as ASU, Dignity Health, Freeport McMoRan, Wells Fargo and Banner Health are within proximity.
700 North 4th Street’s communal area accommodations are dispersed across an eighth-floor amenity deck, 27th-floor sky lounge clubhouse, and rooftop deck.
Community amenities include a fitness center, resort-style swimming pool and spa, demonstration kitchen with bar seating, and collaborative and private working spaces. The unit mix of studio, one-, two- and three-bedroom apartments averages 643 square feet and features nine-foot floor-to-ceiling windows, stackable washers and dryers, wood-style vinyl flooring, walk-in showers, and keyless smart lock entry.
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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.