Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announces the sale of Wilshire Pines, a 173-unit multifamily asset in Tempe, Arizona. The property sold for $22.25 million.
“Wilshire Pines’ South Tempe location positions residents within a two-mile radius of more than 2.5 million square feet of retail and dining options,” says Steve Gebing, IPA senior managing director. “The average single-family home price within a mile is $289,300, which is 14 percent higher than the Phoenix-area average. The property has received exterior upgrades and is a prime candidate for the implementation of a common area amenity and apartment interior renovation program.”
Gebing and Marcus & Millichap senior managing director Cliff David represented the seller, Tonti Properties, and procured the buyer, Sheiner Group.
Built in 1979, Wilshire Pines has 450 feet of unobstructed visibility along Baseline Road in Tempe and is less than a mile from the Superstition Freeway, U.S. Route 60.
Mill Towne Center, an 82,846-square-foot office and retail complex, College Park Shopping Center, The Collective, and Arizona Mills Mall are nearby. Within a five-mile radius of the property, residents have access to seven Southeast Valley commerce cores with a combined total of more than 85.6 million square feet of office, industrial and flex space and a workforce of nearly 225,000 employees.