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| Alta Park West Apartments, 9680 West Northern Avenue, Peoria, AZ |
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| Steve Gebbing |
PEORIA, AZ – Institutional Property Advisors (IPA), a
multifamily brokerage division of Marcus & Millichap serving the needs of
institutional and major private investors, has arranged the sale of Alta
Park West, a 260-unit, 252,643-square-foot luxury apartment community in
Peoria, Ariz., a major suburb of Phoenix.
The $30.05 million sales price equates to $115,500 per unit.
IPA
senior director Steve Gebing and Marcus & Millichap vice president
investments Cliff David advised the seller, a venture formed by Wood
Partners, one of the nation’s largest multifamily developers, and Boston
Capital Real Estate Partners of Boston, Mass. The buyer is Greenwood Village,
Colo.-based Baron Properties.
“Developed by award-winning Wood Partners in 2008, Alta Park West
delivers a luxurious living experience that reflects the aesthetic and social
fabric of its community,” says Gebing. “The property has a unique location
within Park West, a 250,000-square-foot open-air lifestyle center that provides
residents with unparalleled live, work and play access.”
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| Cliff David |
Situated
at 9680 West Northern Ave. in Peoria, Alta Park West is located at the
northwestern corner of Loop 101 and Northern Avenue with approximately 1,200
linear feet of drive-by visibility from an estimated 108,000 daily freeway
commuters.
The location provides immediate access to Westgate
Entertainment District, a landmark destination encompassing approximately 8
million square feet of shopping, dining, and entertainment.
The property is near a number of prominent employers,
including a heavy concentration within the healthcare sector such as Banner
Estrella Medical Center, Banner Thunderbird Medical Center, Arrowhead Hospital
and the currently under development St. Joseph’s Westgate Medical Center, a
35-acre medical campus.
For a complete
copy of the company’s news release, please contact:
Gina Relva,
Public Relations
Manager
(925) 953-1716
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