Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) announces the sale of Villatree, a 150-unit multifamily asset in Tempe, Arizona. The $17.35 million sales price equates to $115,667 per unit.
“This 1980-built asset provides new ownership with a significant value-add opportunity,” says Steve Gebing, senior managing director.
Gebing, and Cliff David, senior managing director, represented the seller, PEM Real Estate Group, and procured the buyer, Western Wealth Capital.
Villatree is located near the Apache Blvd. Valley Metro Rail stop at 1750 South Price Road in Tempe. Three major freeways, the Tempe Marketplace shopping center, Arizona State University and Banner Desert Medical Center are all within easy access.
ABOUT IPA: With a network of senior-level investment advisors located throughout the United States, Institutional Property Advisors (IPA) is qualified to meet the needs of institutional and major private investors. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, superior support services and acclaimed research offer customized solutions for the acquisition and disposition of institutional properties and portfolios.