PHOENIX, Feb. 2, 2021 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Cabana on Washington, a 226-unit transit-oriented apartment complex in Phoenix, Arizona. The property sold for $45.3 million, which represents $200,442 per unit.
“As Arizona’s preeminent purpose-built attainable housing asset, Cabana on Washington appeals to the budget-conscience renter,” said IPA executive managing director Steve Gebing. Gebing and IPA executive managing director Cliff David represented the seller, Greenlight Communities and procured the buyer, JB Partners.
The property has almost a quarter mile of frontage on Loop 202/the Red Mountain Freeway and is within walking distance of the Valley Metro light rail, which offers access to Phoenix Sky Harbor Airport, Downtown Phoenix, North Tempe and Arizona State University. The Papago Park Center, a 350-acre business park, and The Grand at Papago Park Center, which has 3.2 million square feet of office, retail and hotel space are close by. There are 12,200 businesses within a 10-mile radius of the community. Built on six acres in 2020, the average unit size is 603 square feet.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com