IPA Negotiates $34.8M Sale of Tides on 28th Multifamily Property in Phoenix

Tides on 28th in Phoenix features 224 apartments, a swimming pool, modernized clubhouse and leasing center and two on-site laundry facilities.

PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Tides on 28th, an apartment community in Phoenix. Tides Equities sold the asset to a undisclosed buyer for $34.8 million, or $155,357 per unit.

Built in 1980 on eight acres, Tides on 28th features 224 apartments, a swimming pool, spa, modernized clubhouse, leasing center, basketball court, dog park, two on-site laundry facilities, covered parking and immediate access to Lake Biltmore.

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