Institutional Property Advisors, a division of Marcus & Millichap, has arranged the $117 million sale of a 335-unit, luxury mid-rise apartment complex in Phoenix, AZ.
The multifamily asset, Montreux, sold for a purchase price equating to $349,254 per unit.
IPA executive managing directors, Steve Gebing and Cliff David represented the seller, the Statesman Group and procured the buyer, Pacific Development Partners.
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Completed in 2020, Montreux features two resort-style heated swimming pools and spas, a rooftop terrace, a bocce ball court and cornhole area, and electric car charging stations. The property's apartment units average 1,058 square feet in size, and offer nine-foot ceilings, keyless entry and motion sensor management.
The asset is located in the master-planned community of Desert Ridge, near Loop 101, State Rte. 51 and Interstate 17.
"The Phoenix MSA continues to be among the fastest-growing metropolitan areas in the nation with a wide range of industries that attract a talented and durable workforce," says Gebing. "The current and forecasted economic fundamentals are creating a market for pre-stabilized asset sales like Montreux."
"The property is supported by strong demographics within a one-mile radius that include average household incomes of $138,500 and median household incomes of $97,500," says David.
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
