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Institutional Property Advisors Closes $61 Million Multifamily Asset Sale in Greater Phoenix

August 09, 2023
Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Cabana Encanto, a 286-unit attainable housing asset in Goodyear, Arizona. The $61 million sale price represents $213,287 per unit and $354 per square foot.

"Since 2010, the number of households in Goodyear has increased by 46% and demand for long-term residential and multifamily housing has grown exponentially," said Steve Gebing, IPA executive managing director. "Characterized by smart-sized apartment homes and well-appointed community spaces, Cabana Encanto gives middle-income professionals an attainable housing option in Phoenix's growing West Valley." Gebing and Cliff David, IPA executive managing director, represented the seller, Greenlight Communities, and procured the buyer, a partnership between Sunrise Multifamily and Ascent Equity Group.

Read the full story in MarketWatch



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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

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