Institutional Property Advisors, a division of Marcus & Millichap, announced the sale of Parc Broadway, a 324-unit multifamily property in Tempe, Arizona. The asset traded for $100.25 million, or $309,414 per unit. IPA Capital Markets arranged $65.16 million in acquisition financing.
“Parc Broadway is the first mid-rise multifamily asset to be constructed in North Tempe’s Maker District, an Opportunity Zone that is one of the city’s nine innovation hubs,” said Steve Gebing, IPA executive managing director. “Local government policy, steady renter demand and scarcity of developable land support strong multifamily operational fundamentals in North Tempe, including 95% average physical occupancy over the last five years.”
Gebing and IPA executive managing director Cliff David represented the seller, Evergreen Devco, Inc., and procured the buyer, MG Properties. Brian Eisendrath and Cameron Chalfant of IPA Capital Markets secured seven years of interest-only, agency financing.
Parc Broadway has open-concept apartment homes. Featuring high ceilings, vinyl wood-style flooring, and laundry closets with full-size washers and dryers. Community amenities include a leasing office with clubhouse. Outdoor amenities include a fitness center, swimming pool, covered outdoor kitchen and EV charging stations.
Located along Broadway Road, Parc Broadway is accessible from Interstates 10, 143, and U.S. Route 60. Tempe Town Lake and Papago Park are close by. Employers in Chandler, Phoenix, Mesa, Gilbert, and Scottsdale are within a 30-minute commute. Furthermore, North Tempe has 2,600 businesses including State Farm, Deloitte, JPMorgan Chase, and Amazon. Lastly, Tempe is home to Arizona State University.
