Latest news with #InstitutionalPropertyAdvisors
Los Angeles Times
4 days ago
- Business
- Los Angeles Times
Redlands Apartments Acquired for $148 Million
New York-based investment firm Sentinel Real Estate Corp. acquired The Venue at Orange, a newly built, 328-unit apartment complex in Redlands, for $148.4 million, or $452,000 per unit. The property was sold by Oceanside-based LuxView Properties in a transaction brokered by Institutional Property Advisors, a division of Marcus & Millichap. 'Completed in 2023, The Venue at Orange is a stabilized, best-in-class multifamily asset that achieved a swift and successful lease-up to a tenant base with an average annual household income of $135,000,' said Chris Zorbas, IPA executive managing director of investments. The Venue at Orange comprises seven three-story buildings with gated access and resort-style amenities, including a full-size swimming pool and spa, fitness center, co-working spaces, lounge and outdoor barbecue area. Apartment interiors have nine-foot ceilings, stainless-steel appliances, quartz countertops, walk-in closets and a private patio or balcony. The property is situated near major retail and employers, including Brookside Plaza, Downtown Redlands, Loma Linda Hospital, Loma Linda University, Amazon, Costway, Clorox and AutoZone. 'Affluent renters are increasingly drawn to the high quality of life in the Redlands. High single-family home values, rising interest rates and demand for low-density living have created ideal conditions for rent growth, low vacancy and healthy multifamily operations,' added Kevin Green, IPA executive managing director of investments. 'The Venue at Orange is the first high-quality, stabilized multifamily asset to trade hands in the Inland Empire since 2021.' Information for this article was sourced from Institutional Property Advisors.
Business Wire
06-08-2025
- Business
- Business Wire
Institutional Property Advisors Brokers Sale of $148M Inland Empire Multifamily Asset, First of its Kind Since 2021
REDLANDS, Calif.--(BUSINESS WIRE)-- Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE:MMI) dedicated to serving the company's institutional clients, announced the $148.4 million sale of The Venue at Orange, a newly built, 328-unit multifamily property in Redlands, California. The sales price equates to $452,439 per unit. Institutional Property Advisors Brokers Sale of $148M Inland Empire Multifamily Asset, First of its Kind Since 2021 'Completed in 2023, The Venue at Orange is a stabilized, best-in-class multifamily asset that achieved a swift and successful lease-up to a tenant base with an average annual household income of $135,000,' said Chris Zorbas, IPA executive managing director investments. 'Affluent renters are increasingly drawn to the high quality of life in the Redlands. Strong demographics and the confluence of high single-family home values, rising interest rates, and demand for low-density living have created ideal conditions for rent growth, low vacancy, and healthy multifamily operations,' said Kevin Green IPA executive managing director investments. 'The Venue at Orange is the first high-quality, stabilized multifamily asset to trade hands in the Inland Empire since 2021.' Zorbas, Green, and IPA's Joseph Grabiec, Kyle Pinkalla, Alexander Garcia Jr., and Gregory Harris, represented the seller and developer of the property, LuxView Properties, and procured the buyer, Sentinel Real Estate Corporation. The property is situated near major retail and employers including Brookside Plaza, Downtown Redlands, Loma Linda Hospital, Loma Linda University, Amazon, Costway, Clorox, and AutoZone. The property also benefits from connectivity to Interstate 10, State Route 210/Foothill Freeway, and three nearby Metrolink stations give residents access to San Bernardino, Ontario, Riverside, and Orange County. The Venue at Orange comprises seven three-story buildings with gated access and resort-style amenities, including a full-size swimming pool and spa, fitness center, co-working spaces, lounge, and outdoor barbecue area. Apartment interiors have nine-foot ceilings, stainless-steel appliances, quartz countertops, walk-in closets, and a private patio or balcony. About Institutional Property Advisors (IPA) Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA's combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offers customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit About Marcus & Millichap, Inc. (NYSE: MMI) Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. Marcus & Millichap closed 7,836 transactions with a sales volume of approximately $49.6 billion in 2024. The company had 1,712 investment sales and financing professionals in more than 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate at year end. For additional information, please visit LuxView Properties was established 20 years ago and specializes in ground-up multifamily development, ground-up coastal residential development, land assemblage and entitlement, and heavy rehab multifamily and commercial developments in Southern California.
Business Wire
26-06-2025
- Business
- Business Wire
$121 Million Sale of Four-Property Multifamily Portfolio in Connecticut Brokered by Institutional Property Advisors
NEW HAVEN, Conn.--(BUSINESS WIRE)-- Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE:MMI) dedicated to serving the company's institutional clients, announced today the sale of the Central & Southeast Connecticut Portfolio, a four-property, 693-unit multifamily portfolio spanning New Haven, Hartford and New London counties. The portfolio traded for $121 million. $121 Million Sale of Four-Property Multifamily Portfolio in Connecticut Brokered by Institutional Property Advisors Share 'This 100% market-rate suburban portfolio is located in the most resilient segment of Connecticut's multifamily market where well-located Class B to B+ assets continue to consistently deliver high occupancy, steady rent growth, and strong cash flow,' said Victor Nolletti, IPA executive managing director investments. 'The portfolio provides immediate scale, operational efficiency, and significant revenue upside potential.' Nolletti, along with IPA's Eric Pentore and Wes Klockner, represented the seller, Sun Equity Partners, and procured the buyer, FPA Multifamily LLC. The properties are located near major employers such as General Dynamics Electric Boat, ESPN, Pfizer, Bristol Hospital, and Lawrence + Memorial Hospital. The unit mix includes studios, one- and two-bedroom apartments. The assets are New Cambridge, 208 units built in 1969 in Bristol; Silvertree, a 180-unit asset constructed in 1976 in Wallingford; Peppertree, a 205-unit property built in 1975 in Groton; and Huntington Ridge, 100 units constructed in 2004 in Norwich. About Institutional Property Advisors (IPA) Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA's combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit About Marcus & Millichap, Inc. (NYSE: MMI) Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. Marcus & Millichap closed 7,836 transactions with a sales volume of approximately $49.6 billion in 2024. The company had 1,712 investment sales and financing professionals in more than 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate at year end. For additional information, please visit FPA Multifamily LLC is a real estate operating company focused on the acquisition, renovation and management of both core plus and workforce housing apartment communities. FPA has owned over 165,000 apartment units valued at over $26 billion. FPA is currently investing through 2 funds, Value add and core plus targeting over $7 billion in assets combined. For more information, please visit
Business Wire
19-05-2025
- Business
- Business Wire
Institutional Property Advisors Brokers $137 Million Luxury Multifamily Asset Sale in Suburban Phoenix
CHANDLER, Ariz.--(BUSINESS WIRE)-- Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE:MMI) dedicated to serving the company's institutional clients, announced today the sale of Zaterra, a 392-unit multifamily property in Chandler, Arizona. The asset traded for $137.5 million, or $350,765 per unit. Institutional Property Advisors Brokers $137 Million Luxury Multifamily Asset Sale in Suburban Phoenix 'Chandler is among the highest barrier to entry submarkets in the Phoenix metro and Zaterra is one of only nine assets completed in the city since 2020,' said Steve Gebing, IPA executive managing director. 'In comparison to other post-2000 constructed assets, Zaterra has 48% lower density, providing an enduring competitive advantage that will become more pronounced as multifamily completions continue to decline.' Gebing and IPA executive managing director Cliff David represented the sellers, PB Bell and PCCP, LLC, and procured the buyer. Zaterra is near Downtown Chandler, the Price Corridor, Chandler Airpark Area, and the Ocotillo master-planned community. It's proximate to Price Corridor where residents can conveniently commute to Intel's Ocotillo campus, Northrop Grumman, Wells Fargo, ASML, and Bank of America. Shopping, dining, and entertainment are close by at mixed-use developments Overstreet, New Square, and One Chandler. Completed in 2023 on 22 acres, Zaterra is a two- and three-story, garden-style property with a low-density site plan and larger than average unit size of 1,043 square feet. The property's walk-up layouts and garages emulate condominium-style living. Community amenities include two swimming pools with sundecks, a creative suite with large conference room and individual workspaces, 24-hour fitness center, and a yoga lawn. About Institutional Property Advisors (IPA) Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA's combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit About Marcus & Millichap, Inc. (NYSE: MMI) Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. Marcus & Millichap closed 7,836 transactions with a sales volume of approximately $49.6 billion in 2024. The company had 1,712 investment sales and financing professionals in more than 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate at year end. For additional information, please visit .
Business Wire
13-05-2025
- Business
- Business Wire
Institutional Property Advisors Names Head of Research and Strategy
BUSINESS WIRE)-- Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE:MMI) dedicated to serving the company's institutional clients, announced today that veteran commercial real estate industry research professional Dags Chen has joined the firm as head of IPA research and strategy. As part of the company's expansive research services division, Chen will focus on research publications and analytics specifically geared toward institutional investors and their strategy formation and execution, providing research, analysis, and insights on the investment outlook for the institutional marketplace. Institutional Property Advisors Names Head of Research and Strategy Share Hessam Nadji, Marcus & Millichap's president and CEO, stated: 'This strategic addition is designed to elevate our analytical and market intelligence capabilities and position IPA as a key advisor to institutions. In partnership with John Chang, the firm's chief intelligence and analytics officer, and IPA executives, Dags will leverage the knowledge and experience he has gained guiding strategy for global investment firms to serve multifamily investors and our IPA brokers and financing professionals.' Chen has built a long-term institutional research career with multi-year positions with Barings, Ares Management and Clarion Partners. A chartered financial analyst, he has nearly two decades of experience analyzing the intersection between the economy, property fundamentals, and real estate capital markets. 'I'm honored to join the research and strategy team at IPA and Marcus & Millichap, which has long valued the analytical insights real estate research delivers to investors,' said Chen. 'I look forward to providing major institutional clients with impactful analysis and insights to help guide their investment strategy.' About Institutional Property Advisors (IPA) Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA's combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offers customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit About Marcus & Millichap, Inc. (NYSE: MMI) Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. Marcus & Millichap closed 7,836 transactions with a sales volume of approximately $49.6 billion in 2024. The company had 1,712 investment sales and financing professionals in more than 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate at year end. For additional information, please visit
