Institutional Property Advisors Completes $56.4 Million Apartment Asset Sale in the Southeast Valley of Greater Phoenix
MESA, Ariz., Feb. 8, 2021 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Indigo Springs, a 240-unit multifamily asset in Mesa, Arizona. The property sold for $56.4 million, or $235,000 per unit.
“The Southeast Valley is one of the densest employment regions in the state and Indigo Springs is one of just 10 assets built in the South Mesa submarket over the last 20 years,” said IPA executive managing director Steve Gebing. Gebing and IPA executive managing director Cliff David represented the seller, TA Realty and procured the buyer, Taurus Investment Holdings.
Completed in 2000 on 10 acres, the asset is located just north of U.S. Route 60/Superstition Freeway and Stapley Drive on- and off-ramps, and close to employment in the Northwest Gilbert Corridor. Route 60 provides immediate accessibility to Loop 101/ Price Freeway and Loop 202/Red Mountain Freeway, which gives residents direct connectivity to Mesa, Tempe, Gilbert, Chandler, and Phoenix. Shopping is nearby at the Stapley Marketplace and the Mesa Grand Shopping Center.
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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