Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced the sale of Broadstone Dobson Ranch, a 288-unit Class A multifamily asset in the Dobson Ranch master-planned community in Mesa, Arizona.
“The Dobson Ranch masterplan has a limited supply of multifamily inventory and hardly any remaining vacant land, which makes the introduction of Broadstone Dobson Ranch a considerable milestone,” said Steve Gebing, IPA executive managing director. “The average price of a single-family home in Dobson Ranch is $427,500 and the average annual household income is over $104,000.” Gebing and IPA executive managing director Cliff David represented the seller, Alliance Residential, and procured the buyer, Weidner Apartment Homes. Brian Eisendrath and Cameron Chalfant of IPA Capital Markets secured the acquisition financing.
Completed in 2023, the property is close to U.S. Route 60, Interstate 10, Loop 101, Loop 202, and Phoenix Sky Harbor International Airport. The Banner Desert Medical Center is nearby and other employers, including Arizona State University, State Farm, Amazon, Boeing, Intel, Wells Fargo, and Apple are within a short drive. Retail and recreation are close by at Mesa Riverview and the Tempe Marketplace. Downtown Tempe’s Mill Avenue District, Downtown Chandler and Downtown Gilbert are also within proximity.
Broadstone Dobson Ranch’s amenities include a central courtyard, resort-style swimming pool and spa, expansive fitness center, resident clubhouse, attached and detached garages, covered parking, and controlled-access entry. Apartments feature nine- and 10-foot ceilings, full-size washers and dryers, walk-in closets, and private patios or balconies. The average unit size is 903 square feet.
