GLENDALE, AZ—Institutional Property Advisors, a division of Marcus & Millichap, recently revealed the sale and financing of Hangar at Thunderbird, a 266-unit multifamily property in Glendale, AZ. The asset traded for $69 million, or $259,398 per unit. IPA Capital Markets arranged $40 million in acquisition financing.
"Just one other market-rate multifamily asset with 100 units or more has been constructed within a three-mile radius of Hangar at Thunderbird since 2010, and there is only one market-rate property currently under construction," said Steve Gebing, IPA executive managing director, in a prepared statement.
He adds that "Land scarcity and high construction costs provide the asset with a rare buffer against future multifamily supply." Gebing and IPA executive managing director Cliff David represented the seller, P.B. Bell, and procured the buyer, Decron Properties. Brian Eisendrath, Cameron Chalfant and Jake Vitta of IPA Capital Markets arranged acquisition financing.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
