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LITCHFIELD PARK, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Remington Ranch, an apartment community in Litchfield Park, a western suburb of Phoenix. BRIO Investment Group sold the asset to JB Partners for $58.5 million, or $192,434 per unit.
Remington Ranch is a two-story, low-density multifamily community featuring 304 apartments. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the deal.