Two Marcus & Millichap senior managing directors of the Institutional Properties Advisors division closed five property transactions totaling $217 million and 1,699 units.
Steve Gebing and Cliff David closed the properties in Phoenix's metropolitan area between May 30 and June 15, according to a press release.
Gebing and David were responsible for the sales of Village Green in Mesa, with 112 units, for $7.7 million; Onnix in Tempe, with 659 units, for $77.05 million; Broadstone Gateway in Avondale, with 240 units, for $30.75 million; Green Leaf Promontory Pointe in Phoenix, with 424 units; and Pinnacle at Union Hills in Phoenix, with 264 units, for $47.5 million.
“Nearly all of the properties we’ve closed in the past two weeks provide their new owners with the ability to add value,” David said in the release.
The company hopes to continue to draw more residents to the vicinity of Phoenix and apartments continue to prove a valuable asset.
"The enhanced demand for multifamily housing in the metro is being fueled by corporate expansions and relocations from large, international companies coupled with the expected addition of an estimated 81,000 net residents this year, underpinning household formation that exceeds the national pace," Gebing said in the release.