Institutional Property Advisors Brokers Metro Phoenix Multifamily Sale
April 29, 2025
GLENDALE, Ariz., April 29, 2025 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) dedicated to serving the company’s institutional clients, announced today the sale of Monte Vista, a 208-unit multifamily community in Glendale, Arizona. The property traded for $25.5 million, which equates to $122,596 per unit.
“Monte Vista’s decades-long history of family ownership presents the buyer with an ideal foundation for common area amenity upgrades, apartment interior renovations, and a community-wide rebranding campaign,” said Cliff David, IPA executive managing director. “After an impressive and nearly unprecedented ownership tenure, the seller is keen on transferring stewardship of this great asset to the buyer and their team.” David, Steve Gebing, IPA executive managing director, and Darrell Moffitt, Marcus & Millichap senior managing director, represented the private seller and procured the buyer, a workforce and affordable housing fund.
The property’s proximity to Grand Avenue/U.S. Route 60 gives residents access to the Loop 101/Aqua Fria Freeway for metro-wide mobility. Noteworthy employers throughout the West Valley region include Honeywell, Banner Health, Amazon, FedEx, PepsiCo, Wells Fargo, and Chewy. Retail and entertainment needs are met at nearby Downtown Glendale, the Tanger Outlets, Westgate Entertainment District, Desert Diamond Arena, and State Farm Stadium.
Built in 1985, Monte Vista is a garden-style community with a swimming pool, laundry facility, and covered parking. Apartment interiors feature washer and dryer connections, dishwashers, and walk-in closets. The average unit size is 787 square feet.
“Monte Vista’s decades-long history of family ownership presents the buyer with an ideal foundation for common area amenity upgrades, apartment interior renovations, and a community-wide rebranding campaign,” said Cliff David, IPA executive managing director. “After an impressive and nearly unprecedented ownership tenure, the seller is keen on transferring stewardship of this great asset to the buyer and their team.” David, Steve Gebing, IPA executive managing director, and Darrell Moffitt, Marcus & Millichap senior managing director, represented the private seller and procured the buyer, a workforce and affordable housing fund.
The property’s proximity to Grand Avenue/U.S. Route 60 gives residents access to the Loop 101/Aqua Fria Freeway for metro-wide mobility. Noteworthy employers throughout the West Valley region include Honeywell, Banner Health, Amazon, FedEx, PepsiCo, Wells Fargo, and Chewy. Retail and entertainment needs are met at nearby Downtown Glendale, the Tanger Outlets, Westgate Entertainment District, Desert Diamond Arena, and State Farm Stadium.
Built in 1985, Monte Vista is a garden-style community with a swimming pool, laundry facility, and covered parking. Apartment interiors feature washer and dryer connections, dishwashers, and walk-in closets. The average unit size is 787 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.