IPA Negotiates $37.2M Sale of Multifamily Complex in Central Phoenix

PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Monterra Apartment Homes, a multifamily community in central Phoenix. Weidner Apartments Homes sold the property to an institutional investment manager for $37.2 million, or $144,186 per unit.

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

Built in 2001, Monterra Apartment Homes features 258 apartments.