Southwest Multifamily Portfolio Trades for Nearly $202M
Bridge Investment Group has acquired three communities in Phoenix, AZ and Albuquerque, NM.
PHOENIX, AZ – Bridge Investment Group has acquired a three-property multifamily portfolio from JB Partners for $201.8 million.
The Southwest portfolio comprises the 296-unit The Villages at Metro Center community in Phoenix, AZ; the 273-unit Crystal Creek community in Phoenix, AZ; and the 216-unit Indigo Park community in Albuquerque, NM.
Built in 1979, The Villages at Metro Center is situated on 11.5 acres of land and is located near the Deer Valley and Interstate 17 employment corridors. Built in 1985, Crystal Creek is situated on eight acres of land and is located near the Deer Valley corridor and the Bell Road Retail corridor. Constructed in 1974, Indigo Park is situated on 7.5 acres of land off of Interstate 25 and is located eight miles from downtown Albuquerque.
Institutional Property Advisors, a division of Marcus & Millichap, closed the sale. IPA’s executive managing directors Steve Gebing and Cliff David represented the seller and procured the buyer for the transaction.
“The combined operational strengths of the Phoenix and Albuquerque multifamily markets provide our buyer with significant upside opportunity identifiable through the implementation of a programmatic common area and apartment interior renovation,” says Gebing.
Marcus Millichap’s broker of record in New Mexico is first VP and regional manager Ryan Sarbinoff.