Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of two apartment assets in Phoenix, Arizona. They are 51-unit Novella at Biltmore and 36-unit Novella at Arcadia.
“Both assets are boutique, build-to-rent properties characterized by their striking architectural design and distinctive, condominium-quality finishes,” said Steve Gebing, IPA executive managing director. “Build-to-rent properties retain the highly desirable characteristics of single-family homes and townhomes without the high costs of home ownership. The scarcity of developable land in the vicinity of these assets provides shelter from future multifamily supply and increases their long-term investment appeal.” Gebing and Cliff David, IPA executive managing director, represented the seller, developer True Craft Residential and equity partner Appian Capital.
Residents at the properties can easily access five of the Valley’s most vital economic corridors within a 10-mile radius; Camelback Corridor, Downtown Scottsdale, South Scottsdale Corridor, and the Innovation Corridor, which includes Central Avenue Office Corridor and Downtown Phoenix. The nearby Camelback Corridor is home to 800-plus businesses and employers in finance, insurance, real estate, and business services sectors.
Phoenix Sky Harbor International Airport and five of Phoenix’s major freeways are also within 15 minutes of both communities.
Completed in 2018 on 2.4 acres, Novella at Arcadia’s unit mix of three-bedroom homes averages 1,766 square feet. Novella at Biltmore was constructed in 2021 on 3.5 acres with three-bedroom townhomes that average 2,125 square feet. Homes at both properties have high ceilings, oversized walk-in showers, and two-car garages. Community amenities include resort-style swimming pools and spas.
“True Craft would like to thank IPA for their valuable advice throughout the entire development and sale process,” adds Paul Williamson, CEO of True Craft Residential.