Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of MetroPointe Apartments, a 415-unit multifamily property in Tempe, Arizona. The asset sold for $96.75 million, which equates to $233,133 per unit.
“Attracted by Phoenix’s business-friendly environment, companies continue to relocate to the MSA to participate in one of the nation’s fastest-growing economies,” said Steve Gebing, IPA executive managing director. “Capital is flowing into the apartment sector, and the East Valley’s concentration of information technology, finance, and healthcare companies make it a particularly strong draw for institutional capital.” Gebing and Cliff David, IPA executive managing director, represented the seller, Rockwood Capital and procured the buyer, Cortland.
Tempe’s major employers include Arizona State University, American Express, Benchmark Electronics, DriveTime Automotive Group and Nationwide Credit. Nearby employment cores are Tempe’s Northwest and Southwest Industrial corridors, ASU Research Park, Discovery Business Campus, North Tempe and Arizona’s premier economic hub, the Price Corridor. Built in 2009, MetroPointe is a three-story controlled-access community of one-, two- and three-bedroom apartment homes with two swimming pools and a spa.