Marcus & Millichap’s Institutional Property Advisors Brokers Luxury Midrise Multifamily Asset Sale in Greater Phoenix
Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE:MMI), has announced the sale of Glen 91, a 296-unit luxury multifamily asset in Glendale, Arizona, for $76.5 million ($258,446 per unit). The property, completed in 2023, was sold by HCW to Bridge Investment Group. Located near the Westgate Entertainment District, Glen 91 offers easy access to major employers and shopping centers. The sale highlights the strong growth and demand in Glendale's rental market, with the city having the second-highest concentration of renter households in the West Valley.
Institutional Property Advisors (IPA), una divisione di Marcus & Millichap (NYSE:MMI), ha annunciato la vendita di Glen 91, un immobile multifamiliare di lusso con 296 unità a Glendale, Arizona, per 76,5 milioni di dollari (258.446 dollari per unità). La proprietà, completata nel 2023, è stata venduta da HCW a Bridge Investment Group. Situato vicino al Westgate Entertainment District, Glen 91 offre un facile accesso ai principali datori di lavoro e ai centri commerciali. La vendita sottolinea la forte crescita e domanda nel mercato degli affitti di Glendale, con la città che ha la seconda concentrazione più alta di famiglie in affitto nella West Valley.
Institutional Property Advisors (IPA), una división de Marcus & Millichap (NYSE:MMI), ha anunciado la venta de Glen 91, un activo multifamiliar de lujo con 296 unidades en Glendale, Arizona, por 76.5 millones de dólares (258,446 dólares por unidad). La propiedad, completada en 2023, fue vendida por HCW al Bridge Investment Group. Ubicado cerca del Westgate Entertainment District, Glen 91 ofrece fácil acceso a los principales empleadores y centros comerciales. La venta resalta el fuerte crecimiento y demanda en el mercado de alquiler de Glendale, siendo la ciudad la segunda con mayor concentración de hogares inquilinos en el Valle Oeste.
Institutional Property Advisors (IPA), Marcus & Millichap (NYSE:MMI)의 부서가 글렌 91, 애리조나 주 글렌데일에 위치한 296유닛의 고급 다가구 자산을 7650만 달러 (단위당 258,446달러)에 판매했다고 발표했습니다. 2023년에 완공된 이 자산은 HCW에서 Bridge Investment Group으로 판매되었습니다. 글렌 91은 Westgate Entertainment District 근처에 위치해 있어 주요 고용주와 쇼핑 센터에 쉽게 접근할 수 있습니다. 이 판매는 글렌데일 임대 시장의 강력한 성장과 수요를 강조하며, 이 도시는 웨스트 밸리에서 두 번째로 높은 임차 가구 밀도를 가지고 있습니다.
Institutional Property Advisors (IPA), une division de Marcus & Millichap (NYSE:MMI), a annoncé la vente de Glen 91, un actif multifamilial de luxe de 296 unités à Glendale, Arizona, pour 76,5 millions de dollars (258 446 dollars par unité). La propriété, achevée en 2023, a été vendue par HCW à Bridge Investment Group. Située près du Westgate Entertainment District, Glen 91 offre un accès facile aux principaux employeurs et centres commerciaux. La vente met en avant la forte croissance et la demande sur le marché locatif de Glendale, la ville ayant la deuxième concentration la plus élevée de ménages locataires dans la West Valley.
Institutional Property Advisors (IPA), eine Abteilung von Marcus & Millichap (NYSE:MMI), hat den Verkauf von Glen 91, einer Luxus-Multifamilienimmobilie mit 296 Einheiten in Glendale, Arizona, für 76,5 Millionen USD (258.446 USD pro Einheit) bekannt gegeben. Die im Jahr 2023 fertiggestellte Immobilie wurde von HCW an die Bridge Investment Group verkauft. In der Nähe des Westgate Entertainment District gelegen, bietet Glen 91 einen einfachen Zugang zu wichtigen Arbeitgebern und Einkaufszentren. Der Verkauf hebt das starke Wachstum und die Nachfrage auf dem Mietmarkt von Glendale hervor, wobei die Stadt die zweithöchste Konzentration an Miet Haushalten im West Valley hat.
- Sale of Glen 91 for $76.5 million, indicating strong market demand
- Strategic location near major entertainment and shopping districts
- Property completed in 2023, offering modern amenities
- Glendale's high concentration of renter households suggests stable demand
- None.
The sale of Glen 91, a 296-unit multifamily asset for
For the retail investor, the key takeaway is the continued attractiveness of suburban multifamily properties in high-growth areas. The per-unit price of
From a financial perspective, the transaction underscores the strength of Marcus & Millichap's operational capabilities in a competitive real estate market. The valuation at
For retail investors, appreciating the financials of such deals is crucial. The price-per-unit and the scale of the transaction provide a tangible measure of market health and Marcus & Millichap's ability to command significant deals. This transaction might boost investor sentiment towards the stock in the near term, as it showcases successful deal closure and revenue generation potential. The company’s extensive network and market penetration further enhance its growth prospects in the longer term.
“The West Valley’s municipalities, which include
Home to State Farm Stadium, Desert Diamond Arena, and Tanger Outlets, the Westgate Entertainment District is within walking distance of the property. Glen 91’s proximity to Loop 101/the Agua Fria Freeway gives residents a short commute to the Southwest Valley and Loop 303 employment corridors. Major employers in the area include Amazon, PepsiCo, FedEx, Williams Sonoma, and REI. Open-air shopping center Gateway Pavilions, Banner Estrella Medical Center, and Gateway Crossing Shopping Center are nearby.
Completed in 2023, Glen 91 has climate-controlled interior corridors, a resort-style swimming pool, hammock garden, covered parking, and attached garages. Apartments have nine-foot ceilings, laundry rooms with full-size washers and dryers, and walk-in closets with built-in shelving. The average unit size is 871 square feet.
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. 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
View source version on businesswire.com: https://www.businesswire.com/news/home/20240719330230/en/
Gina Relva, VP of Public Relations
Gina.Relva@MarcusMillichap.com
Source: Marcus & Millichap, Inc.
FAQ
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