Hudson on Farmer’s $96M sale tops latest Marcus & Millichap offers

Institutional Real Estate Advisors (IPA)a division of Mark & Millichap (NYSE: MMI), today announced the sale of Hudson on Farmer, a 171 boutique apartment asset in downtown Tempe, Arizona. The property traded for $96 million, which works out to $561,404 per unit.

“Hudson on Farmer is supported by a highly skilled population of more than 620,700 active professionals in 16 major employment corridors within a 10-mile radius,” said IPA Executive Managing Director Steve Gebing. “Tempe’s outstanding demographics include average and median annual household incomes of $85,200 and $61,500, respectively.” Gebing and IPA Executive Managing Director Cliff David represented the seller, 8and & Farmer Owner LLC and recruited the buyer, Ideal Capital Group. “Tempe is one of Arizona’s best suburbs for young professionals and this ambitious demographic has long been a key source of the city’s success,” David added.

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Hudson on Farmer’s Mill Avenue District’s location puts it in the geographic center of Greater Phoenix, close to ASU and steps from the city’s only Whole Foods Market. Downtown Tempe features a mix of tree-lined walkways and large office developments, including 20-acre, 2 million square foot Marina Heights and Hayden’s Ferry Lakeside, a planned mixed-use development with 1.6 million of square feet of office, retail and residential space. Major employers near Hudson on Farmer include State Farm, ADP, Silicon Valley Bank and Microsoft. There are 18.5 million square feet of nearby lifestyle amenities including Tempe Marketplace, Mesa Riverview and Sloan Park, the home of the Chicago Cubs spring training.

Completed in 2021, the six-story Hudson on Farmer offers open-concept apartments with full-size front-loading washers and dryers, walk-in showers, and private balconies. The exclusive sixth floor has distinctive cabinetry with recessed lighting, high end closets and reserved parking. Accommodations in the property’s common area include a resort-inspired heated pool and spa and a second-floor resident lounge with a social area, conference room, and workspaces accented by modern art and a natural wood decor. The landscaped courtyard, with a covered outdoor dining area, barbecue grills, fire pit, desert vegetation, and misting system, provides residents with an additional place to entertain. Other community amenities include a fitness center, bicycle parking, and electric vehicle charging stations.

Here are some other recent big deals from Mark & Millichap:

West Maryland.

IPA sells Maryland West for $26.5 million

Institutional Real Estate Advisors (IPA)a division of Mark & Millichap (NYSE: MMI), announced today the sale of Maryland West, a 100-unit apartment building in Glendale, Arizona. The sale price of $26.5 million equates to $265,000 per unit.

“Maryland West’s oversized apartments, 90% two- and three-bedroom units, low-density site plan, and lack of large-scale renovation history make it an excellent candidate for a value strategy. added supported by Metro Phoenix’s rapid pace of household formation and expanding jobs economy,” said IPA Executive Managing Director Cliff David. David and Steve Gebing, Executive Managing Director of IPA, represented the seller, CRSC Residential Inc., and recruited the buyer, Silver Star Real Estate.

Maryland West was built in 1970 on less than five acres nearly 43rd Ave. and Glendale Ave. with frontage along McLellan Road. The Interstate 17 employment corridor is nearby, coupled with additional employment opportunities located around Midtown and downtown Phoenix. The area’s healthcare industry maintains a strong presence near the property with 30,700 healthcare professionals within a seven-mile radius. Grand Canyon University, as well as the shopping and entertainment of the Westgate Entertainment District are a short distance away.

Residents of Maryland West have access to a community laundromat, basketball court, playground, and covered parking. The average apartment size is 807 square feet.

Marcus & Millichap sells building in Youngtown

Marcus & Millichapa leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, today announced the sale of Youngtown House Apartments, a 64-unit multi-family property located in Young Town, Arizona. According to Ryan Sarbinoff, regional manager of the company’s Phoenix office, the asset sold for $10,000,000.

Richard Butler, senior vice president of investments in the Phoenix office of Marcus & Millichap, had the exclusive listing to market the property on behalf of the seller, a private investor who purchased the property in 2019 for $4,100,000. This is the fourth time Butler has sold the property since 1998, when he sold it to the original developer who built the property in 1971,” Butler said.

The buyer, represented by Andrew Tate of Keller Williams Commercial Realty, also owns a 71-unit property in Youngtown that was purchased in 2021. , bathrooms, doors, windows, exterior paint, roofs and landscaping. They were able to secure a bridge loan for acquisition and future improvements,” Butler added. All units are studios and bedrooms with main metered utilities and cooling system. The property will be rebranded as South Edge Apartments.

Mark & Millichap sells a building with 10 apartments in Phoenix

Mark & Millichap today announced the sale of Missouri, a 10-unit building located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the company’s Phoenix office, the asset sold for $2,750,000, or $550 per square foot.

“Primarily located on a major thoroughfare in the heart of Uptown Phoenix with direct, walkable access to major retail and a mix of restaurants and craft bars, Missouri is poised to enjoy unwavering appeal. and rental growth,” said Paul Bay, senior vice president of investments in Mark & Millichapfrom the Phoenix office. Bay had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, another private investor, was also purchased by Bay.

The Missouri is located at 825 East Missouri Avenue in Phoenix, Arizona. All major apartment community systems including sewer lines, HVAC, electrical, roofs and more have been replaced.

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