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Newly Built Tempe Apartments Fetch $100M

November 22, 2023
Phoenix-based Evergreen Devco Inc. sold a recently built Tempe project to MG Properties for $100.25 million dollars. That comes out to just over $300,000 a unit. Evergreen Devco finished the 324-unit project in 2022.

Steve Gebing and Cliff David of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented Evergreen Devco in the transaction. Financing for the transaction was provided by Freddie Mac and arranged by Brian Eisendrath and Cameron Chalfant, both also with IPA.

Read the full story in ConnectCRE



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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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