Institutional Property Advisors

$75.5 million Greater Phoenix apartment complex sold by International Property Advisors

Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced today the sale of Liv Goodyear, a 326-unit multifamily asset in Goodyear, Arizona. The property sold for $75.5 million, or $231,595 per unit.

“Liv Goodyear is surrounded by the economic and infrastructure developments of Greater Phoenix’s next professional powerhouse, the Southwest Valley,” said Steve Gebing, IPA senior director. “The continuous success of the Phoenix region is driving focus from the tenured employment corridors of the Southeast Valley to the lucrative, long-term business opportunities of the Southwest Valley.” Gebing and IPA senior managing director Cliff David represented the seller and procured the buyer, a Canadian private investor.

Residents of Liv Goodyear have immediate access to Interstate 10, Loop 303—Bob Stump Memorial Highway, Loop 101—the Agua Fria Freeway, and the ongoing Loop 202 South Mountain expansion. Civic Square at Estrella Falls, an approximately 48-acre, $83 million project to build a city hall, library, and Class A office space is less than a mile away. Litchfield Park City Center, a community-oriented, 768,000-square-foot, mixed-use development is 3.2 miles from the property and the Market at Estrella Falls shopping center is close by.

Completed in 2019 on more than 16 acres, apartments at Liv Goodyear have nine-foot ceilings and the average unit size is 879 square feet. Community amenities include a resort-style saltwater pool and spa with abundant seating, outdoor barbecues and gaming areas.

$75.5 million Greater Phoenix apartment complex sold by International Property Advisors

Institutional Property Advisors brokers suburban Seattle multifamily sale

Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced today the sale of The Summit Apartments, a 96-unit multifamily asset in Redmond, Washington.

“The Summit is an excellent value-add opportunity located in one of the most sought-after submarkets on the Eastside,” said Philip Assouad, IPA senior managing director. “Major tech employers are expanding nearby, creating strong renter demographics and opportunities for future revenue growth.” Assouad, Giovanni Napoli, Ryan Dinius, and Sidney Warsinske of IPA represented the seller, Coast Equity Partners, and procured the buyer.

Constructed in 1981 on just under four acres, The Summit is minutes from Redmond’s downtown, Redmond Town Center, a mixed-use development and shopping center, and Marymoor Park. Highway 520 and Interstate 405 are within minutes and provide access to Microsoft, Amazon, Google, Facebook, and DigiPen.

Institutional Property Advisors brokers North Los Angeles county multifamily asset sale

Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced today the sale of The Summit at La Crescenta, a 92-unit apartment complex in La Crescenta-Montrose, California. The property sold for $34,525,000, which equates to $375,272 per unit.

“The Summit at La Crescenta is one of only five buildings greater than 50 units in La Crescenta-Montrose and over the past 20 years, just 44 units have been added as supply is constrained by the lack of available land and the difficulty of aggregating parcels,” said Kevin Green, IPA senior director. “As a result, the area is a largely underserved market, as evidenced by the 1 percent residential vacancy rate.”

Green, Joe Grabiec, IPA senior director, and Greg Harris, IPA executive director, represented the seller, a joint venture between Stockbridge and NNC Apartment Ventures, and procured the buyer, Raintree Partners. “The property has received many interior and common area improvements over the last five years and strategic renovations can further augment the income stream,” added Grabiec.

Built in 1964 on 3.75 acres, The Summit at La Crescenta is adjacent to the Angeles National Forest, approximately five miles from Glendale Community College and about 10 miles from Woodbury University. There are 1.4 million jobs within a 30-minute drive of the community in Burbank, Glendale, Pasadena, and Downtown Los Angeles. “La Crescenta-Montrose’s affluent demographics, such as average annual income of $126,598, low density and highly regarded school system make it one of the most desirable places to live in the Tri-Cities submarket, which also includes Burbank, Glendale, Pasadena, and La Canada-Flintridge,” noted Harris.

“Including Summit at La Crescenta, we have acquired eight assets in the Glendale/La Crescenta submarket for $114 million over the last nine months,” commented Raintree Partners managing director Aaron Hancock. “Our total portfolio in the area now totals 323 units and we intend to add more.”

Institutional Property Advisors brokers suburban Seattle multifamily sale

Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced today the sale of The Summit Apartments, a 96-unit multifamily asset in Redmond, Washington.

Institutional Property Advisors brokers North Los Angeles county multifamily asset sale

Northwest San Antonio apartment asset sold by Institutional Property Advisors

Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced today the sale of Savannah Oaks, a 332-unit multifamily asset in San Antonio, Texas.

“Northwest San Antonio has some of the city’s best demographics and is its fastest-growing employment center,” said Will Balthrope, IPA executive managing director. Balthrope, and IPA senior associates Drew Garza and Jordan Featherston represented the seller, Koontz Corporation and procured the buyer Sherman Residential.

“Located within San Antonio’s largest service employment market, Savannah Oaks is a valuable long-term investment with a durable income stream,” added Garza.

The property is located near Loop 1604 and Interstate 10 on Vance Jackson Road. The Rim, a 3-million-square-foot outdoor retail center is close by and the corporate headquarters of USAA, Valero, and NuStar Energy are within a short drive. Nearby major employment centers include the South Texas Medical Center, Medtronic, and the University of Texas at San Antonio. Directly north of the property, the Landmark Centre, a 32-acre, mixed-use development is being constructed. In addition, a 114-acre, $320 million master-planned community is slated for development across from Savannah Oaks on Interstate 10.

“Historically, apartments built in or near the Loop 1604/Interstate 10 submarket have received a steady stream of rental traffic,” commented Featherston. Built in 2016 on over 20 acres, the three-story garden-style community has resort-style amenities and a wide variety of unit features.

Northwest San Antonio apartment asset sold by Institutional Property Advisors

Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced today the sale of Savannah Oaks, a 332-unit multifamily asset in San Antonio, Texas.

“Located within San Antonio’s largest service employment market, Savannah Oaks is a valuable long-term investment with a durable income stream,” added Garza.