PHOENIX — Institutional Property Advisors (IPA) has arranged the sale of and acquisition financing for 700 N. 4th St., a multifamily high-rise in downtown Phoenix.
The 27-story property offers 234 luxury units in studio, one-, two- and three-bedroom configurations near the city’s Roosevelt Row Arts District. Units average around 643 square feet and include 9-foot, floor-to-ceiling windows; stackable washers and dryers; walk-in showers; and keyless smart lock entry. The community was built in 2021, according to Apartments.com.
The community features an eighth-floor amenity deck, 27th-floor sky lounge and a rooftop deck. Shared amenities include a fitness center, resort-style swimming pool and spa, demonstration kitchen with bar seating, and collaborative and private work spaces.
Steve Gebing, Cliff David and Peter Katz of IPA represented the undisclosed seller and procured the buyer, Weidner Apartment Homes, in the transaction. Brian Eisendrath, Cameron Chalfant, Jake Vitta and Jesse Zarouk of IPA’s capital markets team arranged acquisition financing on behalf of the buyer. The price was not disclosed.
A number of multifamily developments are currently underway in Phoenix, underscoring demand for this type of property within the market. Recent projects include a 403-unit community in Phoenix’s midtown neighborhood; a 19-building multifamily project that is nearing completion by Related Group; and a 196-unit affordable housing community by Blackstone and Dominium.
Much of this demand, according to Gebing of IPA, can be attributed to employment growth in the region. “700 N. 4th St. has access to more than 171,000 employees across a roster of industry leaders,” he says. “ASU also anchors downtown Phoenix’s higher education base, and in concert with the area’s growing bioscience sector, contributes greatly to the region’s outstanding employment growth.”
IPA is a division of Calabasas, Calif.-based Marcus & Millichap. IPA has more than 80 offices open across North America, and focuses on investment sales, research and analytics, advisory services and capital markets.
—Katie Sloan