IPA Brokers $60.5M Sale of 402-Unit Multifamily Property in Tempe, Arizona
TEMPE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Willow Creek, a value-add multifamily asset located in Tempe. Acacia Capital sold the property to JB Partners for $60.5 million, or $150,498 per unit.
Constructed in 1984, the property features 402 apartment units, three swimming pools and a recently renovated clubhouse.
Cliff David and Steve Gebing of IPA represented the seller and procured the buyer in the transaction.