
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.