Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Newport, a 204-unit multifamily property in Avondale, Arizona. The asset traded for $54 million, which equates to $264,706 per unit.
“Defined by its untouched value-add potential, Newport is primed for common area amenity enhancements and an apartment interior renovation program,” said IPA executive managing director Steve Gebing. “A multifamily asset like Newport will attract prospective residents with its convenient location in Greater Phoenix’s rapidly expanding West Valley.” Gebing and IPA executive managing director Cliff David represented the seller, JB Partners and procured the buyer, Western Wealth Capital.
The rapid growth of the West Valley’s distribution and industrial sectors is the leading reason for the influx of residents and businesses, which includes companies such as Amazon, FedEx, REI, Red Bull, Gatorade and Microsoft. Completed in 1986, Newportis located less than one mile south of Interstate 10. The property hosts studio, one- and two-bedroom apartments ranging from 408 square feet to 844 square feet. The average unit size is 745 square feet. Community features include a pool, spa, pet play area, picnic areas and a clubhouse.