Institutional Property Advisors Closes $80 Million Multifamily Asset Sale in Gilbert, Arizona
26 Dezembro 2023 - 10:04PM
Business Wire
Marcus & Millichap (NYSE:MMI), a leading commercial real
estate brokerage firm specializing in investment sales, financing,
research and advisory services, announced today the sale of Alta
Cooley Station, a 248-unit, mid-rise multifamily property in Cooley
Station, an upscale master-planned community in Gilbert, Arizona.
The asset traded for $80 million, which equates to $322,581 per
unit.
“Averaging 30 net leases per month after opening in January
2023, Alta Cooley Station achieved one of the strongest multifamily
lease-ups in Gilbert’s history,” said Steve Gebing, IPA executive
managing director. “With average and median household incomes of
$130,000 and $101,500 respectively, Gilbert has one of the
strongest demographic profiles in Arizona. Gilbert, Chandler, and
Mesa combined have the highest concentration of high-tech
manufacturing, finance, and business services employers in the
Valley.” Gebing and IPA executive managing director Cliff David
represented the seller, Wood Partners, and procured the buyer, a
private California based individual.
Alta Cooley Station’s proximity to Loop 202 provides residents
convenient access to employment in Gilbert’s central business
district, the Gateway Employment Area, Elliot Road Technology
Corridor, Chandler Airpark Area, and Price Road Corridor. Major
area employers are Boeing, Intel, Morgan Stanley, Northrop Grumman,
and Arizona State University. Verde at Cooley Station, a 23-acre,
Main Street-inspired lifestyle center with health and wellness
facilities, retail, dining, and a park is within immediate walking
distance.
Alta Cooley Station is a four-story asset with a swimming pool
and spa, outdoor entertainment space, open-concept leasing
office/clubhouse, micro-offices, private conference room, and
workspaces. Apartments have expansive floorplans, nine- and 10-foot
ceilings, extra-wide entryways, laundry closets with full-size
washers and dryers, and a private patio or balcony. The average
unit size is 957 square feet.
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus
& Millichap (NYSE: MMI), a leading commercial real estate
services firm in North America. IPA’s combination of real estate
investment and capital markets expertise, industry-leading
technology, and acclaimed research offers customized solutions for
the acquisition, disposition and financing of institutional
properties and portfolios. For more information, please visit
www.institutionalpropertyadvisors.com
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm
specializing in commercial real estate investment sales, financing,
research and advisory services with offices throughout the United
States and Canada. As of December 31, 2022, the company had 1,904
investment sales and financing professionals in 81 offices who
provide investment brokerage and financing services to sellers and
buyers of commercial real estate. The company also offers market
research, consulting and advisory services to clients. Marcus &
Millichap closed 12,272 transactions in 2022, with a sales volume
of approximately $86.3 billion. For additional information, please
visit www.MarcusMillichap.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231226801689/en/
Gina Relva, VP of Public Relations
Gina.Relva@MarcusMillichap.com
Marcus and Millichap (NYSE:MMI)
Gráfico Histórico do Ativo
De Ago 2024 até Set 2024
Marcus and Millichap (NYSE:MMI)
Gráfico Histórico do Ativo
De Set 2023 até Set 2024