Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, announced the sale of Cabana on McClintock, a 181-unit multifamily property in Tempe for $16.6 million.

IPA senior director Steve Gebing and Marcus & Millichap vice president investments Cliff David advised the seller, Deco Communities, and procured the buyer, Capital Real Estate.

“Cabana at McClintock recently underwent a comprehensive property repositioning effort to elevate the lineup of unit interiors and refresh community amenities,” Gebing said. “Nestled in the urban hub of Greater Phoenix, the property offers residents a fresh, resort-style living experience with proximity to many regional attractions.”

The property is located at 1701 E. Don Carlos Ave. Major employers in the area include Motorola, Cadence, Honeywell, KPMG, Wells Fargo Loan Services, JP Morgan Chase Bank, Edward Jones Regional and International Training Headquarters, State Farm Insurance regional headquarters, and DHL worldwide.

The complex is also close to many retail stores and restaurants, and is approximately one mile away from Arizona State University.

Cabana at McClintock is composed of 149 two-bedroom/one-bath units, eight one-bedroom one-bath apartments and 24 studio units.

Unit amenities include fully-equipped gourmet kitchens, new designer cabinets, countertops and appliances, upgraded bathroom and shower fixtures, upgraded lighting and plumbing fixtures, and bamboo-style flooring.

Community amenities include courtyards with picnic areas and barbecue grills, three onsite launderettes, five electric vehicle charging stations, two resort-style pools, furnished cabana shade structures, a clubhouse, fitness facility, bocce ball court, and a bike storage room.