Institutional Property Advisors, a division of Marcus & Millichap, announced the sale and financing of Citra, a boutique, 72-unit apartment property in Phoenix, Arizona.
“The heavily built out Northwest Valley has strong renter demographics and a lack of available land for new multifamily development,” said Steve Gebing, IPA executive managing director. “Within a three-mile radius of Citra, there have been only seven market-rate properties of 50 units or more built in the last 20 years and currently, there are no multifamily projects under construction.” Gebing and IPA’s Cliff David, in conjunction with Paul Bay, Darrell Moffitt, and Adam Saylor of Marcus & Millichap represented the seller, Investors Capital Group, and procured the buyer, Apartment Ventures. IPA Capital Markets’ Brian Eisendrath, Camerson Chalfant, and Patrick Barker arranged seven years of fixed-rate agency financing.
The property’s location near Interstate 17 and Loop 101/Agua Fria Freeway gives residents access to the Deer Valley and I-17 Employment Corridors, home to companies such as USAA, Farmers Insurance, Honeywell, Wells Fargo, Amazon, HonorHealth, and Cigna. The Arrowhead Lakes and Arrowhead Ranch master-planned communities are within proximity and the Bell Road Retail Corridor and Arrowhead Towne Center are nearby. The average price of a single-family home within a one-mile radius is $399,000.
Completed in 2005, Citra’s unit mix is all open-concept two-bedroom apartments with breakfast bars, kitchen pantries, and separate laundry quarters with full-size washers and dryers. The average unit size is 1,068 square feet. Community amenities include manicured desert landscaping, covered parking, fitness center and a resort-style swimming pool and spa.
Institutional Property Advisors (IPA) is a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
