PHOENIX–(BUSINESS WIRE) – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), today announced the sale of Accolade, a 548-unit apartment building in Phoenix, Arizona. The property sold for $ 155 million, or $ 282,847 per unit. The transaction is one of the five largest multi-family sales in Arizona based on total purchase price.
“Accolade’s strategic location in North Phoenix offers a diverse employment base in a submarket with high barriers to entry,” said Steve Gebing, Executive Managing Director of IPA. “With only four apartment buildings built within a five-kilometer radius since 2010, Accolade is well equipped for a renovation program for common rooms and apartments.” Gebing and Cliff David, IPA Executive Managing Director, represented the seller Weidner Apartment Homes and brokered the buyer Knightvest Capital.
Accolade is accessible from three of Phoenix’s major highways, Interstate 17, Loop 101, and State Route 51. Explore the Deer Valley and Interstate 17 employment corridors with companies including Honeywell, Blue Cross Blue Shield, Waste Management of Arizona, Wells Fargo, USAA Financial Services, Cox Communications and PetSmart nearby. Upscale shopping and entertainment destinations such as Arrowhead Towne Center, P83 entertainment district and Desert Ridge are only a short drive away. Grocery stores and everyday amenities are within walking distance.
Built in 1984 on 28 hectares, the Accolade community facilities include four swimming pools and two spas. The on-site clubhouse and rental office have vaulted ceilings with a loft and skylights, plush seating areas with fireplaces, an open-air conference room, and a cyber café. Apartments have full-size washers and dryers, wood-style vinyl floors, walk-in closets, and private patios or balconies. The average unit size is 856 square meters.
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial property services company in North America. The combination of real estate investment and capital market expertise, industry-leading technology and renowned research offers tailor-made solutions for the acquisition, sale and financing of institutional real estate and portfolios. More information is available at www.institutionalpropertyadvisors.com
About Marcus & Millichap (NYSE: MMI)
Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services with more than 2,000 professionals selling and financing investments in the United States and Canada. Founded in 1971, the company completed 8,954 transactions in 2020, valued at approximately $ 43 billion. Marcus & Millichap has perfected a powerful real estate marketing system that combines investment specialization, local market expertise, the industry’s most in-depth research, cutting-edge technology and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.
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