• IPA Sells $27 Million Phoenix-Area Multi-Housing Asset

    IPA Sells $27 Million Phoenix-Area Multi-Housing Asset0

    MESA, Ariz., May 15, 2019 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Verde Dimora, a 153-unit multifamily asset in Mesa, Arizona. The sales price is $27 million, which equates to $176,470 per unit. “Verde Dimora gives residents optimal access to the rapidly expanding professional landscape of northeast Mesa and

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  • Berkadia Completes $39.75 Million Sale of Multifamily Property in Arizona

    Berkadia Completes $39.75 Million Sale of Multifamily Property in Arizona0

    PHOENIX, ARIZ. – Berkadia today announced the $39.75 million sale of Modern on the Rail, a 488-unit garden-style multifamily property in Phoenix, Arizona. Senior Managing Directors Mark Forrester and Ric Holway and Senior Director Dan Cheyne of Berkadia’s Phoenix office secured the sale on behalf of the seller, California-based Modern Residential Company. The buyer was California-based

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  • $26 Million Suburban Phoenix Multifamily Asset Sale Brokered by IPA

    $26 Million Suburban Phoenix Multifamily Asset Sale Brokered by IPA0

    PEORIA, ARIZ. – May 13, 2019 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Modern on Peoria, a 216-unit multifamily asset in Peoria, Arizona. The property sold for $26 million, which equates to $120,370 per unit. “Modern on Peoria is in a well-positioned niche atop the competitive set of properties built in

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