Dalan Management, VM Management Sell Verona Court Apartments in Phoenix for $20M

PHOENIX — A partnership between Dalan Management and VM Management has completed the disposition of Verona Court, a multifamily complex in Phoenix. A private buyer acquired the asset for $20 million, or $141,844 per unit.

Built in 1985, Verona Court features 141 apartments in a mix of one- and two-bedroom layouts. Community amenities include two swimming pools and two laundry facilities.

Cliff David and Steve Gebing of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.