Chandler, Ariz. – Institutional Property Advisors (IPA), a division of Marcus & Millichap, announces the sale of Alta Steelyard Lofts, a core Class “A” mid-rise, 301-unit multifamily property located Chandler, Arizona. The property sold for $69.25 million, which represents $230,066 per unit.
“Alta Steelyard Lofts is a signature asset centrally located in downtown Chandler’s burgeoning economic landscape, offering local professionals walkability to a charming urban social scene,” says Steve Gebing, senior managing director, IPA. Gebing and Cliff David, also with IPA, represented the seller, Wood Partners, and procured the buyer, Olympus Property.
Completed in 2016 on the former site of a steel fabrication facility, Alta Steelyard Lofts is located at 155 East Frye Road near Arizona Avenue in Chandler.
About Institutional Property Advisors
With a network of senior-level investment advisors located throughout the United States, Institutional Property Advisors (IPA) is qualified to meet the needs of institutional and major private investors. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, superior support services and acclaimed research offer customized solutions for the acquisition and disposition of institutional properties and portfolios.