Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Portola at Grovers Park, a 141-unit multifamily asset in Phoenix, Arizona. The $36.6 million sales price equates to $259,574 per unit.
“Limited like-kind supply, the scarcity of developable land nearby and the opportunity to increase value through interior renovations place Portola at Grovers Park in an advantageous position to realize long-term revenue growth,” said Cliff David, IPA executive managing director. “The investment strategy is apparent for the buyer with this acquisition as 83 percent of the community is primed for further renovations, including improving interior finishes and advancing the retrofit washer and dryer program.” David and IPA executive managing director Steve Gebing represented the seller, a joint venture between SB Real Estate Partners and Marble Partners, and procured the buyer, Rise48 Equity.
The property is equidistant to Loop 101 and State Route 51, which provide reach to the 4,700 businesses and 169,100 skilled professionals in the Deer Valley, Interstate 17, Kierland, and Scottsdale Airpark employment corridors. Shopping is in proximity along the Bell Road retail corridor at Bell Towne Center and Bell Towne Plaza. Approximately five miles northeast of the property sit the prominent open-air lifestyle destinations of Desert Ridge Marketplace and the High Street Entertainment District. Paradise Valley Community College is 1.5 miles away.
Built in 1985, Portola at Grovers Park has two swimming pools, two laundry facilities and is across the street from the city of Phoenix Grovers Basin dog park. Apartments have oversized closets and storage space. The average unit size is 777 square feet.