Institutional Property Advisors (IPA), a division of Marcus & Millichap, dedicated to serving the company’s institutional clients, announced the sale and financing of Scottsdale on Main, a 119-unit, luxury mid-rise multifamily asset in Scottsdale, Arizona.
“Scottsdale on Main was constructed as a monument to Downtown Scottsdale’s luxury reputation, emblematic of its exclusivity, affluence, and unmatched lifestyle,” said Steve Gebing, IPA executive managing director. “The property is one of only 11 multifamily assets with 100 or more units constructed over the last 25 years in a location that benefits from the competitive shelter of future multifamily supply.” Gebing and Cliff David, IPA executive director, represented the seller, Baron Properties, and procured the buyer, Goodman Real Estate.
Located along Main Street, the building is a short walk from Scottsdale Fashion Square, the Scottsdale Waterfront, and an exclusive list of restaurants in Old Town Scottsdale. The Arts District, The 5th Avenue Shopping District, and the Entertainment District are close by as well.
Completed in 2024, Scottsdale on Main’s mid-rise, four-over-one podium construction, north-facing floor plans, and abundant amenity spaces offer unobstructed views of Camelback Mountain. The building has air-conditioned interior corridors, two elevators, and a designer-appointed leasing office with floor-to-ceiling windows. Community amenities include a resort-inspired swimming pool and a rooftop deck with a covered outdoor kitchen and lounge. Apartments have 10-to-12-foot ceilings, wine refrigerators, oversized pantries, and walk-in showers. The average unit size is 872 square feet.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. 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 our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
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.
