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Institutional Property Advisors Closes Sale and Arranges Financing for Boutique Apartment Asset in Phoenix

May 01, 2024
PHOENIX, May 1, 2024 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale and financing of Citra, a boutique, 72-unit apartment property in Phoenix, Arizona.

“The heavily built out Northwest Valley has strong renter demographics and a lack of available land for new multifamily development,” said Steve Gebing, IPA executive managing director. “Within a three-mile radius of Citra, there have been only seven market-rate properties of 50 units or more built in the last 20 years and currently, there are no multifamily projects under construction.” Gebing and IPA’s Cliff David, in conjunction with Paul Bay, Darrell Moffitt, and Adam Saylor of Marcus & Millichap represented the seller, Investors Capital Group, and procured the buyer, Apartment Ventures. IPA Capital Markets’ Brian Eisendrath, Cameron Chalfant, and Patrick Barker arranged seven years of fixed-rate agency financing.

The property’s location near Interstate 17 and Loop 101/Agua Fria Freeway gives residents access to the Deer Valley and I-17 Employment Corridors, home to companies such as USAA, Farmers Insurance, Honeywell, Wells Fargo, Amazon, HonorHealth, and Cigna. The Arrowhead Lakes and Arrowhead Ranch master-planned communities are within proximity and the Bell Road Retail Corridor and Arrowhead Towne Center are nearby. The average price of a single-family home within a one-mile radius is $399,000.

Completed in 2005, Citra’s unit mix is all open-concept two-bedroom apartments with breakfast bars, kitchen pantries, and separate laundry quarters with full-size washers and dryers. The average unit size is 1,068 square feet. Community amenities include manicured desert landscaping, covered parking, fitness center and a resort-style swimming pool and spa.


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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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