Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of The Davenport, a 442-unit multifamily asset in Tempe, Arizona. The $55.5 million sales price equates to $125,566 per unit.
“The Davenport is a retro-inspired multifamily property that benefits from more than 31 million square feet of office, industrial and flex space in Tempe’s rapidly expanding economic landscape,” said Steve Gebing, IPA senior managing director. “The property’s recently completed common area repositioning program lays the groundwork for increased revenue through interior renovations.”
Gebing and Cliff David, IPA senior managing director, represented the seller, an affiliate of Abacus Capital Group and procured the buyer, Tides Equities.
Located along Mill Avenue directly north of U.S. 60, the asset is close to the Mill Avenue shopping and entertainment district and Arizona Mills Mall. The Davenport’s residents have access to 11 commerce cores within a 10-mile radius, including the Tempe Industrial Area, Arizona State University Research Park, Downtown Phoenix and the Central Avenue Office Corridor. Developed in 1973 and 1979 on 20.5 acres, the property has a mix of studio, one- and two-bedroom apartments.