Institutional Property Advisors Brokers Sale and Arranges Financing for $94.5 Million Southeast Phoenix Multifamily Asset
Marcus & Millichap, Inc. (MMI)
Last marcus & millichap, inc. earnings: 2/20 04:04 pm
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Source: Business Wire
CHANDLER, Ariz.--(BUSINESS WIRE)--Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale and financing of Alta Chandler at The Park, a 291-unit mid-rise multifamily asset in Chandler, Arizona. The property traded for $94.5 million, which represents $324,742 per unit. IPA Capital Markets arranged $52 million in acquisition financing.“Alta Chandler at The Park’s affluent demographic anchored a robust absorption story, obtaining an average of 24 net leases per month after opening in January 2023,” said Steve Gebing, IPA executive managing director. “The resident profile of high-earning professionals was drawn by the property’s physical characteristics and direct proximity to Price Corridor, Arizona’s most innovative economic hub.” Gebing and IPA executive managing director Cliff David represented the seller, Wood Partners, and procured the buyer, Olympus Property. Brian Eisendrath, Cameron Chalfant, Jake Vitta and Jesse Zarouk of
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MMI
Sec Filings
- 3/22/24 - Form ARS
- 3/22/24 - Form DEFA14A
- 3/22/24 - Form DEF
- MMI's page on the SEC website