IPA Brokers Sales of Two Sunbelt Apartment Communities

Institutional Property Advisors (IPA) brokered the sale of two apartment assets, one in Las Vegas and the other in Mesa, Arizona. Monterra, a 344-unit multifamily property in Las Vegas, Nevada, was sold for $73.25 million, a sales price equates to $212,936 per unit. The second was Dana Park, a 222-unit apartment property in Mesa, Arizona. The $64.65 million sales price equates to $291,216 per unit. 

IPA’s Steve Gebing led a team that represented the Las Vegas buyer, Bridge Investment Group, “Year-over-year rents have grown considerably and yet are nearly $1,000 below the regional mean in Southern California.” Constructed in 1999 on over 18 acres, Monterra is approximately six miles from Downtown Las Vegas.

The other property was the Dana Park, a 222-unit apartment property in Mesa, Arizona. The seller was OpenPath Investments; the buyer, Baron Properties.

Completed in 1986 on nearly 11 acres, Dana Park is a 19-building, garden-style apartment complex with two swimming pools and spas, lighted basketball court, covered playground, and community vegetable garden.