Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of MarQ at 1st, a 164-unit apartment complex in Tempe, Arizona. The property sold for $24 million, or $146,341 per unit.
“MarQ at 1st offers residents an array of advantageous lifestyle amenities, including the benefits of living near a major research university in one of the most coveted professional destinations in Arizona,” said Cliff David, IPA senior managing director. “Within a 1.5-mile radius of the property there are just eight multifamily communities with 100 units or more built prior to 1990 and only three communities built in the 1980s. These severe supply constraints, and three core Class ‘A’ properties essentially across the street from the community make it a prime candidate for a significant apartment interior renovation program.” David and Steve Gebing, IPA senior managing director, represented the seller, Western Wealth Capital and procured the buyer, Knightvest Capital.
Constructed in 1985, the property is less than a mile from Arizona State University’s (ASU) main campus and Tempe’s Mill Avenue District, which offers a mix of more than 125 local eateries and boutique retailers. The recently completed Marina Heights and Hayden Ferry Lakeside office developments, which combine for 2.8 million square feet of office space and employers including State Farm, Amazon, and Microsoft are less than a mile away. Valley Metro light rail’s Mill Avenue/Third Street station gives residents convenient access to ASU, Downtown Phoenix, and Downtown Mesa, and there are Red Mountain Freeway and the Hohokam Expressway on-ramps within two miles of the property.
