Commercial Executive Magazine hears exclusively from Steve Gebing of IPA on the recent $55 Million Davenport multifamily deal.
Tempe, Ariz. – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of The Davenport, a 442-unit multifamily asset in Tempe, Arizona. The $55.5 million sales price equates to $125,566 per unit.
Gebing and Cliff David, IPA senior managing director, represented the seller, an affiliate of Abacus Capital Group and procured the buyer, Tides Equities.
“The southeast Valley’s excellent economic fundamentals are creating exceptional operational momentum for multifamily assets,” says Steve Gebing, IPA senior managing director.
“Asking rents for newly constructed core assets are substantially higher than the in-place rents at The Davenport and several surrounding assets within the competitive landscape are achieving significant revenue growth as a direct result of unit interior renovations.”
Located along Mill Avenue directly north of U.S. 60, the asset is close to the Mill Avenue shopping and entertainment district and Arizona Mills Mall. The Davenport’s residents have access to 11 commerce cores within a 10-mile radius, including the Tempe Industrial Area, Arizona State University Research Park, Downtown Phoenix and the Central Avenue Office Corridor. Developed in 1973 and 1979 on 20.5 acres, the property has a mix of studio, one- and two-bedroom apartments.
“The Davenport is a retro-inspired multifamily property that benefits from more than 31 million square feet of office, industrial and flex space in Tempe’s rapidly expanding economic landscape,” said Steve Gebing, IPA senior managing director. “The property’s recently completed common area repositioning program lays the groundwork for increased revenue through interior renovations.”
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.