PHOENIX, Sept. 16, 2019 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Legacy Bungalows, a 200-unit multifamily asset in Phoenix. The property sold for $26.1 million, which equates to $130,500 per unit.
“Located adjacent to Downtown Phoenix, Legacy Bungalows presents new ownership with a prime opportunity to deploy a tiered unit interior renovation program in a partially affordable housing community,” said Steve Gebing, IPA senior managing director. Gebing and Cliff David, IPA senior managing director, represented the seller, Legacy Partners, and procured the buyer, ReNUE Properties.
The property is easily accessible from interstates 10 and 17, State Route 51, U.S. Route 60 and Loop 202. The location offers residents easy connectivity to the growing infrastructure of midtown and downtown Phoenix, including the Southwest Valley Industrial Corridor, the Airport Area, and the 44th Street and Gateway corridors. There are approximately 371,000 professionals employed by about 6,100 established companies within a five-mile radius. Chase Field, home to Major League Baseball’s Arizona Diamondbacks and the Talking Stick Resort Arena, home of the National Basketball Association’s Phoenix Suns, are less than two miles from the community and the Roosevelt Row Artists’ District is a mile away. Completed in 2002 on 6.4 acres, Legacy Bungalows’ one-, two- and three-bedroom apartments have nine-foot or higher ceilings and an average unit size of 852 square feet.
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.