Institutional Property Advisors Closes $61 Million Multifamily Asset Sale in Greater Phoenix
03 August 2023 - 9:46PM
Business Wire
Institutional Property Advisors (IPA), a division of Marcus
& Millichap (NYSE: MMI), announced today the sale of Cabana
Encanto, a 286-unit attainable housing asset in Goodyear, Arizona.
The $61 million sale price represents $213,287 per unit and $354
per square foot.
“Since 2010, the number of households in Goodyear has increased
by 46% and demand for long-term residential and multifamily housing
has grown exponentially,” said Steve Gebing, IPA executive managing
director. “Characterized by smart-sized apartment homes and
well-appointed community spaces, Cabana Encanto gives middle-income
professionals an attainable housing option in Phoenix’s growing
West Valley.” Gebing and Cliff David, IPA executive managing
director, represented the seller, Greenlight Communities, and
procured the buyer, a partnership between Sunrise Multifamily and
Ascent Equity Group.
Located within the 9,000-acre Palm Valley master-planned
community, the property is walking distance from Goodyear Civic
Square at GSQ, an award-winning multi-use development. Within a
30-minute drive, there are over 358,000 working professionals. Luke
Airforce Base, The Wigwam Resort, Phoenix Raceway, and Westgate
Entertainment District shopping complex are nearby.
Completed in 2022 on 8.8 acres, Cabana Encanto’s apartment homes
have nine-foot ceilings, eight-foot keyless entry doors, a front
porch or patio. The property’s controlled-access community
amenities include a contemporary leasing office, clubhouse with
social space, and co-working booths with soundproof paneling.
Outdoor amenities include a resort-style swimming pool, barbecue
grilling stations, multipurpose event lawn, and Zen gardens.
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.
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm
specializing in commercial real estate investment sales, financing,
research and advisory services with offices throughout the United
States and Canada. As of December 31, 2022, the company had 1,904
investment sales and financing professionals in 81 offices who
provide investment brokerage and financing services to sellers and
buyers of commercial real estate. The company also offers market
research, consulting and advisory services to clients. Marcus &
Millichap closed 12,272 transactions in 2022, with a sales volume
of approximately $86.3 billion. For additional information, please
visit www.MarcusMillichap.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20230803497696/en/
Gina Relva, VP of Public Relations
Gina.Relva@marcusmillichap.com
Marcus and Millichap (NYSE:MMI)
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