IPA Arranges $55.5M Sale of 442-Unit Multifamily Property in Tempe, Arizona

TEMPE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Davenport, a multifamily asset situated on 20.5 acres along Mill Avenue in Tempe. Tides Equities acquired the property from an affiliate of Abacus Capital Group for $55.5 million, or $125,566 per unit.

Developed in 1973 and 1979, The Davenport features 442 units in a mix of studio, one- and two-bedroom layouts.

Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the transaction.