IPA’s David-Gebing Team Closes $202M Portfolio Deal in Phoenix, Albuquerque
Institutional Property Advisors (IPA), a division of Marcus & Millichap, arranged the $201.75-million portfolio sale of three multifamily properties in the Southwest. This portfolio includes the 296-unit Villages at Metro Center and 273-unit Crystal Creek in Phoenix; and the 216-unit Indigo Par in Albuquerque.
“The combined operational strengths of the Phoenix and Albuquerque multifamily markets provide our buyer with significant upside opportunity identifiable through the implementation of a programmatic common area and apartment interior renovation,” said Steve Gebing, IPA executive managing director.
Gebing and Cliff David, IPA executive managing director, represented the seller, JB Partners, and procured the buyer, Bridge Investment Group. Ryan Sarbinoff, first vice president and regional manager, is Marcus & Millichap’s broker of record in New Mexico.
Both the 1979-vintage Villages and the 1985-vintage Crystal Creek are proximate to Deer Valley. Accessible from Interstate 25, Indigo Park was built in 1974.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).