Marcus & Millichap’s Institutional Property Advisors Brokers Luxury Midrise Multifamily Asset Sale in Greater Phoenix
In an impressive move within the real estate sector, Institutional Property Advisors (IPA), a key division of Marcus & Millichap (NYSE:MMI), has successfully brokered a significant transaction involving the sale of Glen 91, a state-of-the-art 296-unit multifamily asset located in the vibrant area of Glendale, Arizona. This noteworthy transaction totaled an impressive $76.5 million, equating to approximately $258,446 per unit, underscoring the high value and desirability of the property.
Steve Gebing, an executive managing director at IPA, highlighted that the West Valley’s municipalities, including Glendale, have seen exceptional growth in the aftermath of the pandemic. This area is now recognized as one of the most sought-after suburban locations in the valley. Furthermore, with Glendale hosting the second-highest concentration of renter households in the West Valley, projections indicate that the city’s growth trajectory is poised to continue ascending for the foreseeable future. The facilitation of this transaction was spearheaded by Gebing along with Cliff David, another executive managing director at IPA. Together, they represented the seller, HCW, and successfully procured Bridge Investment Group as the buyer.
Offering more than just a place to live, Glen 91 is perfectly situated to benefit from its proximity to key landmarks and infrastructure. Residents have easy access to major attractions such as the State Farm Stadium, Desert Diamond Arena, and the Westgate Entertainment District, all of which are within walking distance. Additionally, the location offers convenient access to Loop 101/the Agua Fria Freeway, facilitating quick commutes to various employment corridors in the Southwest Valley and Loop 303. The area is also home to major employers such as Amazon, PepsiCo, FedEx, Williams Sonoma, and REI, further enhancing the desirability of Glen 91’s location. Nearby facilities include the open-air Gateway Pavilions shopping center, Banner Estrella Medical Center, and Gateway Crossing Shopping Center.
Constructed in 2023, Glen 91 distinguishes itself with modern amenities and architectural nuances designed for comfort and luxury. The building features climate-controlled interior corridors, a resort-style swimming pool, a unique hammock garden, as well as covered parking and attached garages. The apartments are built with attention to detail, offering nine-foot ceilings, spacious laundry rooms equipped with full-size washers and dryers, and walk-in closets featuring built-in shelving. On average, the unit size is an ample 871 square feet, providing residents with substantial living space.
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a noteworthy division of Marcus & Millichap (NYSE: MMI), a leading force in the North American commercial real estate services industry. IPA stands out by blending deep expertise in real estate investment and capital markets with cutting-edge technology and respected research, delivering tailor-made acquisition, disposition, and financing solutions for institutional properties and portfolios.
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. operates as a premiere national brokerage firm specializing in commercial real estate investment sales, financing, research, and advisory services. Boasting a team of 1,783 investment sales and financing professionals across more than 80 offices as of December 31, 2023, the firm is dedicated to providing services tailored to meet the needs of sellers and buyers of commercial real estate. In 2023 alone, Marcus & Millichap closed 7,546 transactions, with a cumulated sales volume of approximately $43.6 billion, underscoring its pivotal role in the commercial real estate market.
