Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Brookfield, a 124-unit multifamily asset in Phoenix, Arizona. The property sold for $31 million, which represents $250,000 per unit.
“Buyers were attracted to the property by the high level of asset qualities such as in-unit washers and dryers, the breadth of interior renovation options available for the rollout of a defined renovation strategy and the opportunity to take over for a reputable, decade-long ownership group,” said Cliff David, IPA executive managing director. “The area’s overall robust employment concentration and the absence of new multifamily supply provide ideal, enduring conditions for the execution of a value-add business plan.” David and Steve Gebing, IPA executive managing director, represented the seller, Living Well Homes, and procured the buyer, Rise48 Equity. Brian Eisendrath, Cameron Chalfant and Jake Vitta of IPA Capital Markets arranged the acquisition financing.
Built in 1984 on nearly five acres, the property is proximate to the Interstate 17 and Deer Valley employment corridors and a short drive from Downtown Phoenix. Arizona State University’s West Campus and Glendale Community College are also close by. Brookfield features one- and two-bedroom apartment homes as well as various common area amenities for residents, including a pool and spa, fitness center, parcel lockers, and grilling areas.
According to IPA Capital Markets’ 2Q/22 Multifamily Report for the Phoenix Metro Area, Phoenix’s labor market has proven to be one of the most resilient during the pandemic, with the metro adding jobs at a brisk pace, even after restoring the total headcount to the pre-2020 level. A lower cost of living and access to job opportunities have brought many new residents to the metro area, driving the need for additional housing.