IPA Oversees Arizona Rental Property Sale to Capital Real Estate
- Jan 07, 2016
Tempe, Ariz.—Deco Communities sold Cabana on McClintock, a multifamily community in Tempe, Ariz., to Capital Real Estate for $16.6 million, or $92,000 per unit. The announcement was made by Institutional Property Advisors (IPA), a division of Marcus & Millichap.
Cabana on McClintock features 149 two-bedroom-one-bath apartments, eight one-bedroom-one-bath residences and 24 studio units. Among the features of the residences are fully-equipped gourmet kitchens, new designer cabinets, countertops and appliances, upgraded bathroom and shower fixtures, upgraded lighting and plumbing fixtures and bamboo-style flooring.
Common-area extras include two resort-style pools, furnished cabana shade structures, clubhouse, fitness center, bocce ball court, courtyards with picnic areas and barbecue grills, five electric vehicle charging stations, three on-site launderettes and a bike storage room.
The 181-unit property is situated at 1701 East Don Carlos Ave. in Tempe., close to a number of major corporate employers, including Motorola, Cadence, Honeywell, KPMG, Wells Fargo Loan Services, JP Morgan Chase Bank, Edward Jones Regional and International Training Headquarters, State Farm Insurance regional headquarters and DHL Worldwide. Shopping and dining is nearby, and Arizona State University is only about a mile away.
“Capital Real Estate has a great appreciation for the innovative Cabana brand created by Deco Communities,” IPA senior director Steve Gebing told MHN. “The reinvigorated mid-century modern architecture, coupled with the comprehensive property repositioning effort implemented by the previous owner, provided Capital Real Estate the confidence they were acquiring a one-of-a-kind asset in a highly desirable Tempe location with significant operational upside.“
Gebing and Marcus & Millichap vice president investments Cliff David advised Deco Communities in the sale, and procured the buyer.
“Deco Communities is now focused on pioneering the condo comeback in Phoenix, striving to deliver housing that allows buyers to take ownership, not just owning their own home, but also in the community around them,” Gebing said.
A comprehensive property repositioning effort was recently undertaken at Cabana at McClintock to elevate the unit interiors and refresh community amenities, Gebing said. Due to its location in the urban center of metro Phoenix, he added, “The property offers residents a fresh, resort-style living experience with proximity to many regional attractions.”