Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Table Rock, a 100-unit multifamily asset in Flagstaff, Arizona.
“The mountainous terrain and water conservation strategies in Arizona’s picturesque high country have severely limited housing growth and preserved the market’s historical supply and demand imbalance,” said Steve Gebing, IPA executive managing director. “The high-demand multifamily housing market in Flagstaff gives Table Rock’s new owner a great opportunity to add value through programmatic unit interior renovations.” Gebing and IPA executive managing director Cliff David represented the seller, Aultas, and procured the buyer, Investors Capital Group.
The property is located at the intersection of Interstate 17 and Interstate 40, immediately east of the Interstate 17 and Lake Mary Road off-ramp. Northern Arizona University, Flagstaff Medical Center, and W.L. Gore are nearby and Downtown Flagstaff and Aspen Place at the Sawmill are within immediate proximity.
Completed in 1998, Table Rock is a garden-style community with a leasing office, clubhouse, and fitness center. The property’s two- and three-bedroom floor plans average 1,032 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.
