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PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Cabana on 12th, an apartment community located in Phoenix. Greenlight Communities sold the asset to JB Partners for $54.5 million, or $216,270 per unit.
Constructed in 2020, Cabana on 12th features 252 units in a mix of studio, one- and two-bedroom apartments with nine-foot ceilings and a swimming pool.
Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the transaction.