Bridge Investment Group Acquires $202M Portfolio
Institutional Property Advisors represented the seller and procured the buyer.
Bridge Investment Group has purchased a three-multifamily property portfolio in the Southwest. The purchase price was $201.8 million. Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller, JB Partners, and procured the buyer. The portfolio’s properties are The Villages at Metro Center, a 296-unit rental property in Phoenix; Crystal Creek, a 273-unit multifamily development in Phoenix and Indigo Park, a 216-unit apartment community in Albuquerque, N.M.
READ ALSO: Phoenix Multifamily Report — January 2022
The Villages at Metro Center is situated on 11.5 acres proximate to the Deer Valley and I-17 employment corridors. Built in 1979, it features studio apartments as well as one-, two- and three-bedroom layouts averaging 773 square feet in size. Units include private balconies or patios, semi-private entries, central air conditioning and high-speed Internet access. A quartet of laundry facilities tops the common-area amenity list.
Constructed in 1985 on 8 acres, Crystal Creek is also situated near Deer Valley and I-17 job hubs, and not far from the Bell Road Retail Corridor. The apartment community features studio and one- and two-bedroom apartments averaging 708 square feet in size. The apartments offer washer-dryers, microwave ovens, high-speed Internet access and, in select units, vaulted ceilings and fireplaces. A pair of swimming pools highlights the roster of common-area amenities.
Accessible from Interstate 25, Indigo Park is located 8 miles from downtown Albuquerque. The community was constructed in 1974 on 7.5 acres, and was previously called Pinnacle View and Cimarron Village. The community features one- through three-bedroom apartments that average 923 square feet in size. The residences provide private balconies or patios, semi-private entries, individual air conditioning and high-speed Internet access. A fitness center is among prominent Indigo Park amenities.
Steve Gebing and Cliff David, executive managing directors, and Ryan Sarbinoff, first vice president and regional manager, were the IPA executives spearheading the deals.