Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Dolce Villagio Lofts, a 37-unit multifamily asset in Tempe, Arizona. The $21.25 million sales price equates to $574,324 per unit.

READ ALSO: Here’s what is fueling the Tempe economy

“Dolce Villagio’s spacious two- and three-bedroom loft-style townhomes, condominium-quality finishes and direct-access two-car garages provide a best-in-class option for renters in the high-demand submarket of North Tempe,” said Steve Gebing, IPA executive managing director. “Nearly 70% of Tempe’s residents are working professionals. Average and median household incomes in the city are $85,200 and $61,500, respectively.” Gebing and IPA executive managing director Cliff David represented the seller, Bascom Arizona Ventures and procured the buyer.

The property is within walking distance of Tempe’s Mill Avenue entertainment district and close to Arizona State University. Access to Loop 202/South Mountain Freeway is nearby and Mill Avenue/3rd Street Valley Metro Rail light rail station is a mile away. The area is home to over 2,200 businesses, including State Farm, ADP, Opendoor, and Wells Fargo.

Completed in 2007, Dolce Villagio Lofts has seven residential buildings, a swimming pool and spa. Select townhomes have private backyards. The average unit size is 1,437 square feet.