PHOENIX, ARIZ. – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Sterling on 28th, a 224-unit multifamily asset in North Phoenix. The $24 million sales price equates to $107,143 per unit.
“The property received an initial round of renovations that have added to its desirability and new ownership inherits the opportunity to further the scope of the improvements and rebrand the asset in an effort to meet the growing demand of a robust rental market,” said Cliff David, IPA senior managing director. David and Steve Gebing, IPA senior managing director, represented the seller, a joint venture between New York-based Dalan Management and Arizona-based VM Management, and procured the buyer, Tides Equities.
Constructed in 1980 on a little over eight acres, Sterling on 28th is immediately west of Interstate 17 on the northwestern border of the Phoenix MSA’s North Mountain Redevelopment Area, an area with current public and private investment of approximately $179 million. The Interstate 17 and Deer Valley employment corridors, with employers such as Blue Cross Blue Shield of Arizona, Waste Management, TriWest Healthcare Alliance and Wells Fargo Home Mortgage are nearby. The 1.3 million-square-foot Metrocenter Mall, which has been approved for redevelopment and is ready to be repositioned from its historical big-box regional mall identity, is a mile from the community. The city of Phoenix recently approved the Valley Metro Light Rail Northwest Phase II extension that will ultimately terminate at the east end of the Metrocenter.
About Institutional Property Advisors (IPA)
With a network of senior-level investment advisors located throughout the United States and Canada, 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. www.institutionalpropertyadvisors.com.