Institutional Property Advisors Closes $56 Million Build-to-Rent Asset Sale in Phoenix MSA
December 17, 2024
APACHE JUNCTION, Ariz., Dec. 17, 2024 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Hampton Meridian, 195-unit build-to-rent (BTR) property in Apache Junction, Arizona. The asset sold for $56.5 million.
“Hampton Meridian offers high-quality homes with luxury interiors and amenitized community spaces in a low-density neighborhood setting,” said Steve Gebing, IPA executive managing director. “Millennials and empty nesters have shown a preference for BTR living as they seek to accommodate different lifestyle milestones at a time when home values across Greater Phoenix have increased substantially.” Gebing and Cliff David, IPA executive managing director, represented the seller and procured the buyer.
The property’s location near U.S. 60/Superstition Freeway and Loop 202/Santan Freeway gives residents access to employment corridors in Mesa, Gilbert, Chandler, and Tempe. Area employers include Northrop Grumman, Deloitte, Morgan Stanley, Honeywell, Banner Health, Bank of America, Boeing, Intel, and Arizona State University. There is 34.1 million square feet of retail within a short drive at Village Square at Dana Park, Superstition Springs Center, SanTan Village, and Downtown Gilbert.
Completed in 2023 on 16 acres, Hampton Meridian is a controlled-access community with a resort-style swimming pool, spa, and 24-hour fitness center. Paved walking trails lead through desert-landscaped courtyards with a kitchen, barbecue grilling stations, fireside lounge, and cabanas. The property’s detached and attached single-family homes feature HercuWall construction technology, low-energy double-paned windows, full-size washers and dryers, and private backyards. The average unit size is 1,009 square feet.
“Hampton Meridian offers high-quality homes with luxury interiors and amenitized community spaces in a low-density neighborhood setting,” said Steve Gebing, IPA executive managing director. “Millennials and empty nesters have shown a preference for BTR living as they seek to accommodate different lifestyle milestones at a time when home values across Greater Phoenix have increased substantially.” Gebing and Cliff David, IPA executive managing director, represented the seller and procured the buyer.
The property’s location near U.S. 60/Superstition Freeway and Loop 202/Santan Freeway gives residents access to employment corridors in Mesa, Gilbert, Chandler, and Tempe. Area employers include Northrop Grumman, Deloitte, Morgan Stanley, Honeywell, Banner Health, Bank of America, Boeing, Intel, and Arizona State University. There is 34.1 million square feet of retail within a short drive at Village Square at Dana Park, Superstition Springs Center, SanTan Village, and Downtown Gilbert.
Completed in 2023 on 16 acres, Hampton Meridian is a controlled-access community with a resort-style swimming pool, spa, and 24-hour fitness center. Paved walking trails lead through desert-landscaped courtyards with a kitchen, barbecue grilling stations, fireside lounge, and cabanas. The property’s detached and attached single-family homes feature HercuWall construction technology, low-energy double-paned windows, full-size washers and dryers, and private backyards. The average unit size is 1,009 square feet.
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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.