Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced the $201.75 million portfolio sale of three multifamily properties in the Southwest. The asset includes The Villages at Metro Center, 296 units in Phoenix, Arizona; Crystal Creek, 273 units in Phoenix; and Indigo Park, 216 units in Albuquerque, New Mexico.
“The combined operational strengths of the Phoenix and Albuquerque multifamily markets provide our buyer with significant upside opportunity identifiable through the implementation of a programmatic common area and apartment interior renovation,” said Steve Gebing, IPA executive managing director. Gebing and Cliff David, IPA executive managing director, represented the seller, JB Partners, and procured the buyer, Bridge Investment Group. Ryan Sarbinoff, first vice president and regional manager, is Marcus & Millichap’s broker of record in New Mexico.
The Villages at Metro Center was built in 1979 on 11.5 acres and is proximate to the Deer Valley and I-17 employment corridors. Crystal Creek is also proximate to Deer Valley and nearby Bell Road Retail Corridor. The property was constructed in 1985 on eight acres. Accessible from Interstate 25, Indigo Park was built in 1974 on 7.5 acres, eight miles from Downtown Albuquerque.