240-Unit Suburban Phoenix Apartment Asset Sold by IPA
MESA, Ariz., Oct.24, 2018 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Indigo Springs, a 240-unit apartment complex in Mesa, Arizona.
“The southeast Valley’s strong economic fundamentals are creating opportunities for multifamily property revenue enhancement, especially in communities built in the 1990s and 2000s,” said Steve Gebing, senior managing director, IPA. “Indigo Springs is a prime candidate for an interior renovation program that will complement the property’s recent common area enhancements.” Built in 2000, Indigo Springs is a half-block from U.S. Highway 60, close to the Superstition Springs Mall and near burgeoning downtown Gilbert.
Gebing and Marcus & Millichap senior managing director Cliff David represented the seller, PEM Real Estate Group, and procured the buyer, TA Realty.