Institutional Property Advisors Brokers Sale of $91 Million Luxury Multi-Family Asset in Gilbert, Arizona | New
GILBERT, Ariz.–(BUSINESS WIRE)–August 1, 2022–
Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), today announced the sale of The Wyatt, a 216-unit luxury multifamily resort in Gilbert, Arizona. The sale price of $91 million represents $421,296 per unit.
“One of the nation’s most thriving major cities, Gilbert is a prime target for multifamily investment in Greater Phoenix in the suburban submarket,” said IPA Executive Managing Director Steve Gebing. “The city attracts an affluent resident base of working professionals with mean and median annual household incomes of $128,100 and $99,800, respectively. Population growth has outpaced multifamily supply by a multiple of eight since 2010, creating above-average physical occupancy and extremely strong rental growth. Gebing and IPA Executive Managing Director Cliff David represented the seller, Thompson Thrift Residential, and recruited the buyer, Decron Properties.
The Wyatt has direct frontage along Gilbert Road, the valley’s main thoroughfare from the southeast connecting Gilbert to Chandler and Mesa. The revitalized Historic Downtown Gilbert District is 2 miles from the property. Rivulon, home to the world headquarters of Deloitte, Morgan Stanley, Amerifirst Financial, Merrill Lynch and Isagenix International, is three miles away. Residents have convenient access to Gilbert’s central business district, and shopping is near SanTan Village and SanTan Village Marketplace.
Completed in 2022, the Wyatt’s upscale apartments have nine-foot ceilings, full-size washers and dryers, and the average unit size is 980 square feet. Common area amenities include a resort-style pool and spa, pavilion with social seating and a built-in fireplace, resident clubhouse, community courtyard, playground, covered parking, and self-contained garages.
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, cutting-edge technology and award-winning research delivers customized solutions for the acquisition, disposal and financing of properties and institutional portfolios. For more information, please visitwww.institutionalpropertyadvisors.com
About Marcus & Millichap (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices in the United States and Canada. As of December 31, 2021, the company had 1,994 sales and investment finance professionals across 82 offices that provide investment brokerage and finance services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to its clients. Marcus & Millichap closed 13,255 deals in 2021, with sales volume of approximately $84.4 billion. For more information, please visitwww.MarcusMillichap.com.
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CONTACT: Gina Relva, Vice President of Public Relations
KEYWORD: ARIZONA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES RESIDENTIAL BUILDING & REAL ESTATE COMMERCIAL BUILDING & REAL ESTATE FINANCE CONSTRUCTION & REAL ESTATE ASSET MANAGEMENT
SOURCE: Marcus & Millichap, Inc.
Copyright BusinessWire 2022.
PUBLISHED: 08/01/2022 17:51 / DISK: 08/01/2022 17:52
Copyright BusinessWire 2022.