Marcus & Millichap’s Institutional Property Advisors Closes $187.5 Million Multifamily Asset Sale in Phoenix
Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE:MMI), has announced the sale of Desert Club, a 497-unit multifamily asset in Phoenix, Arizona, for $187.5 million. This transaction, at $377,264 per unit, marks the largest single asset multifamily sale in Arizona in over two years and one of the ten largest in the U.S. year-to-date. The property, built in 2004 on 21 acres, features a heated resort-style pool and spa, with apartments averaging 983 square feet. Located in North Scottsdale, it offers access to high-end retail centers and major employers. IPA executive managing directors Steve Gebing and Cliff David represented the seller, Clarion Partners, and procured the buyer, Weidner Apartment Homes.
Institutional Property Advisors (IPA), una divisione di Marcus & Millichap (NYSE:MMI), ha annunciato la vendita del Desert Club, un complesso residenziale di 497 unità a Phoenix, in Arizona, per 187,5 milioni di dollari. Questa operazione, a 377.264 dollari per unità, segna la più grande vendita di un singolo patrimonio multifamiliare in Arizona negli ultimi due anni e una delle dieci più grandi negli Stati Uniti dall'inizio dell'anno. La proprietà, costruita nel 2004 su un'area di 21 acri, offre una piscina riscaldata in stile resort e una spa, con appartamenti di circa 913 piedi quadrati. Situata a North Scottsdale, offre accesso a centri commerciali di alta gamma e importanti datori di lavoro. I direttori esecutivi di IPA, Steve Gebing e Cliff David, hanno rappresentato il venditore, Clarion Partners, e hanno trovato l'acquirente, Weidner Apartment Homes.
Institutional Property Advisors (IPA), una división de Marcus & Millichap (NYSE:MMI), ha anunciado la venta de Desert Club, un activo multifamiliar de 497 unidades en Phoenix, Arizona, por 187.5 millones de dólares. Esta transacción, a 377,264 dólares por unidad, marca la mayor venta de un único activo multifamiliar en Arizona en más de dos años y una de las diez más grandes en EE.UU. hasta la fecha. La propiedad, construida en 2004 en 21 acres, cuenta con una piscina y spa estilo resort climatizados, con apartamentos que promedian 913 pies cuadrados. Ubicada en North Scottsdale, ofrece acceso a centros comerciales de alta gama y principales empleadores. Los directores ejecutivos de IPA, Steve Gebing y Cliff David, representaron al vendedor, Clarion Partners, y procuraron al comprador, Weidner Apartment Homes.
Institutional Property Advisors (IPA), Marcus & Millichap (NYSE:MMI)의 한 부서,가 애리조나주 피닉스에 있는 497세대 규모의 다가구 자산인 Desert Club의 매각을 발표했습니다. 매각가는 1억 8750만 달러로, 가구당 37만 7264달러입니다. 이번 거래는 지난 2년 이상 애리조나에서 가장 큰 단일 자산 다가구 판매로, 미국 내 연초 기준으로 10대 거래 중 하나에 해당합니다. 2004년에 21에이커 부지에 세워진 이 자산에는 리조트 스타일의 따뜻한 수영장과 스파가 있으며, 평균 913제곱피트의 아파트가 있습니다. 노스 스코츠데일에 위치하며 고급 소매 센터와 주요 고용주에 접근할 수 있습니다. IPA의 임원 관리 이사인 Steve Gebing과 Cliff David가 판매자 Clarion Partners를 대변하고 구매자 Weidner Apartment Homes를 찾아냈습니다.
Institutional Property Advisors (IPA), une division de Marcus & Millichap (NYSE:MMI), a annoncé la vente du Desert Club, un actif multifamilial de 497 unités à Phoenix, en Arizona, pour 187,5 millions de dollars. Cette transaction, au 377 264 dollars par unité, représente la plus grande vente d'un actif multifamilial unique en Arizona depuis plus de deux ans et l'une des dix plus importantes aux États-Unis depuis le début de l'année. La propriété, construite en 2004 sur 21 acres, dispose d'une piscine et d'un spa de style complexe chauffés, avec des appartements d'une superficie moyenne de 913 pieds carrés. Située à North Scottsdale, elle offre un accès à des centres commerciaux haut de gamme et à de grands employeurs. Les directeurs exécutifs d'IPA, Steve Gebing et Cliff David, ont représenté le vendeur, Clarion Partners, et ont trouvé l'acheteur, Weidner Apartment Homes.
Institutional Property Advisors (IPA), eine Abteilung von Marcus & Millichap (NYSE:MMI), hat den Verkauf von Desert Club angekündigt, einer multifamilären Anlage mit 497 Einheiten in Phoenix, Arizona, für 187,5 Millionen US-Dollar. Diese Transaktion, mit 377.264 US-Dollar pro Einheit, stellt den größten Einzelverkauf einer multifamilären Anlage in Arizona seit über zwei Jahren dar und gehört zu den zehn größten in den USA im laufenden Jahr. Die 2004 auf einem 21 Acres großen Grundstück erbaute Immobilie verfügt über einen beheizten Pool und ein Spa im Resort-Stil, wobei die Wohnungen im Durchschnitt 85,9 Quadratmeter groß sind. Sie befindet sich in North Scottsdale und bietet Zugang zu hochwertigen Einzelhandelszentren und großen Arbeitgebern. Die geschäftsführenden Direktoren von IPA, Steve Gebing und Cliff David, vertraten den Verkäufer, Clarion Partners, und beschafften den Käufer, Weidner Apartment Homes.
- Largest single asset multifamily sale in Arizona in over two years at $187.5 million
- High per-unit value of $377,264
- Prime location in North Scottsdale with access to high-end retail and major employers
- 20-year consecutive institutional ownership indicating property's strong appeal
- None.
Insights
The
The sale's timing is noteworthy, occurring amidst a period of economic uncertainty and rising interest rates. This suggests that investor appetite for prime multifamily assets remains strong, particularly in high-growth markets like Phoenix. The transaction's size - ranking among the top 10 multifamily sales in the U.S. this year - could signal renewed confidence in the sector and potentially spark increased investment activity in similar markets.
For Marcus & Millichap (NYSE:MMI), this deal showcases their ability to execute large-scale transactions, which could positively impact their market position and future deal flow. Investors should monitor whether this sale leads to increased transaction volume or higher fees for the company in upcoming quarters.
This transaction is significant for Marcus & Millichap (NYSE:MMI) as it demonstrates the company's capability to broker high-value deals in a challenging market environment. The
Investors should note that while this single transaction is impressive, it's important to consider MMI's overall transaction volume and average deal size. In 2023, the company closed 7,546 transactions with a total volume of
The company's ability to facilitate such transactions in the current economic climate may enhance its competitive position and attract more high-net-worth and institutional clients. This could lead to a more favorable revenue mix and potentially higher profit margins in future quarters.
“Unprecedented, 20-year consecutive institutional ownership is a testament to Desert Club’s differentiated physical attributes and the unrivaled appeal of
The Kierland Corridor and Scottsdale Airpark, which form one of Arizona’s largest employment concentrations, are nearby. The area is home to companies such as Mayo Clinic, Vanguard Group, Nationwide Insurance, and American Express.
Built in 2004 on 21 acres, Desert Club is a garden-style multifamily asset with a heated, resort-style swimming pool and spa. Apartments have open-concept floorplans, nine-foot ceilings and arched entryways. The average unit size is 983 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 brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout
View source version on businesswire.com: https://www.businesswire.com/news/home/20240912838185/en/
Gina Relva, VP of Public Relations
Gina.Relva@MarcusMillichap.com
Source: Marcus & Millichap, Inc.
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