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IPA Arranges $24M Sale of 164-Unit Apartment Complex in Tempe, Arizona

MarQ-1st-Tempe-AZ

Built in 1983, MarQ at 1st in Tempe, Ariz., features 164 apartments.

TEMPE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has completed the sale of MarQ at 1st, an apartment community located in Tempe. Knightvest Capital acquired the property from Western Wealth Capital for $24 million, or $146,341 per unit.

Constructed in 1985, MarQ at 1st features 164 apartments and is situated less than a mile from Arizona State University’s main campus and Tempe’s Mill Avenue District, which offers a mix of more than 125 local eateries and boutique retailers.

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

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