Phoenix, Ariz. – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Remington Ranch, a 304-unit multifamily asset in the Phoenix metro area. The asset sold for $58.5 million, or $192,434 per unit.
“Remington Ranch combines great amenities among the robust economic developments in the rapidly expanding Southwest Valley,” said Steve Gebing, IPA senior managing director. “The Class A multifamily asset offers thoughtfully crafted common areas complemented by a diverse range of open concept floor plans.”
Gebing and Cliff David, IPA senior managing director, represented the seller, BRIO Investment Group, and procured the buyer, JB Partners.
Characterized by its rare 2000s vintage and value-add opportunity, Remington Ranch is a unique investment offering that features an all two-story, low density community. The property is positioned proximate to the Interstate 10, Loop 101, Loop 303, and upcoming Loop 202 expansion, making the location ideal for residents working in various parts of the West Valley.
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.