IPA team closes 7 multifamily deals in 60 days for $486M
Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today that between December 2019 and January 2020, IPA senior managing directors Steve Gebing and Cliff David completed $486 million in multifamily transactions totaling 2406 units in the Phoenix Metropolitan Area. The Phoenix-based team began 2020 with $200 million in closings in the Phoenix Metro and have completed $1,876,517,677 in multifamily sales in the past 12 months.
“The multifamily investment market in Phoenix continues its dynamic run,” said Gebing. “The city’s business-friendly environment, lower expenses and highly educated workforce keep it in a leadership position as one of the nation’s fastest-growing economies. Healthy job gains, favorable yields and the attraction of capturing upside have been the main catalysts pumping investment capital into the apartment sector this cycle,” Gebing added.