Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale and financing of Spring, a 186-unit apartment asset in Phoenix, Arizona. The property traded for $42 million, or $225,806 per unit.
“Spring’s location within the I-17 Employment Corridor provides residents with infallible access to jobs, supported by the area’s growing manufacturing economy and demand for back-office labor,” said Cliff David, IPA executive managing director. “This robust job concentration is the tenor of the neighborhood, coupled with the $850 million redevelopment of Metrocenter Mall less than three miles away, and the projected economic prosperity that comes with a project of this multi-million-dollar magnitude. At the asset level, the collection of interior characteristics led by large unit size averages, washers and dryers, and nearly 50 percent two-bedroom floor plans combine to offer the buyer a prime opportunity to implement a value-add strategy with a terrific baseline.” David and IPA executive managing director Steve Gebing represented the seller, Living Well Homes, and secured the buyer, Rise48 Equity. IPA Capital Markets’ team, led by Brian Eisendrath, Cameron Chalfant, Jake Vitta and Tyler Johnson arranged acquisition financing.
The property is situated near North Mountain Park within the Phoenix Mountains Preserve, close to Interstate 17. Downtown Phoenix is within a short drive and public transportation is within proximity at the Valley Metro’s 19th Avenue/Dunlap light rail station.
Spring is an 18-building, two-story garden-style asset built on nine acres in 1984. The controlled-access property has a swimming pool, lush courtyard setting and a fitness center. Apartments have full-size side-by-side washers and dryers, dishwashers, walk-in closets, and private patios or balconies. The average unit size is 830 square feet.
