newsfilter
← Latest News
Business Wire·

Institutional Property Advisors Brokers $45M Sale of Suburban Phoenix Build-to-Rent Multifamily Asset

  • Marcus & Millichap (NYSE: MMI) announced the sale of Grandstone at Sunrise, a 140-unit build-to-rent property in Peoria, Arizona.
  • The transaction closed at $45.85 million, equating to $327,500 per unit.
  • Steve Gebing & Cliff David of Institutional Property Advisors (IPA) represented the seller, Thompson Thrift, & procured the buyer.
  • The property is located near 1.6 million square feet of retail & dining at Happy Valley Road & Lake Pleasant Parkway.
  • Direct access to Loop 303 connects residents to Taiwan Semiconductor Manufacturing Company & Amkor Technology facilities.
  • Nearby employers include USAA, HonorHealth, BlueCross BlueShield of Arizona, Wells Fargo, & Farmers Insurance.
  • Completed in 2021, the community features 70 residential buildings, an amenity building, & a resort-style pool & spa.
  • Homes range from one to three bedrooms with average sizes of 1,069 square feet & ceilings of 10 feet or higher.
  • Marcus & Millichap recorded 8,818 transactions totaling $50.8 billion in sales volume during 2025.
  • The firm employed 1,808 investment sales & financing professionals across 80 offices at year-end 2025.