TEMPE, ARIZ. — Institutional Property Advisors (IPA) has arranged the sale of and financing for The Gallery, an 88-unit apartment community in Tempe. Living Well Homes sold the property to RSN Property Group for $20.3 million.
The Gallery is a two-story, 13-building property built in 1972 on approximately four acres. Amenities include a pool, fitness center and laundry facility. Apartment features include private patios or balconies. The two- and three-bedroom floor plans average 1,013 square feet in size.
Cliff David and Steve Gebing, both executive managing directors with IPA, along with Marcus & Millichap’s Paul Bay and Darrell Moffitt, represented the seller and procured the buyer. Brian Eisendrath, Cameron Chalfant, Jake Vitta and Tyler Johnson led the IPA capital markets team.