Statesman Group Sells Phoenix Apartment for $117M
IPA represented the Statesman Group in selling the luxury, 335-unit apartment complex for $349,254 per unit.
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.
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.