240-unit suburban Phoenix apartment asset sold by IPA


Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Indigo Springs, a 240-unit apartment complex in Mesa, Arizona.

“The southeast Valley’s strong economic fundamentals are creating opportunities for multifamily property revenue enhancement, especially in communities built in the 1990s and 2000s,” said Steve Gebing, senior managing director, IPA. “Indigo Springs is a prime candidate for an interior renovation program that will complement the property’s recent common area enhancements.” Built in 2000, Indigo Springs is a half-block from U.S. Highway 60, close to the Superstition Springs Mall and near burgeoning downtown Gilbert.

Gebing and Marcus & Millichap senior managing director Cliff David represented the seller, PEM Real Estate Group, and procured the buyer, TA Realty.

About Institutional Property Advisors

With a network of senior-level investment advisors located throughout the United States, Institutional Property Advisors (IPA) is qualified to meet the needs of institutional and major private investors. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, superior support services and acclaimed research offer customized solutions for the acquisition and disposition of institutional properties and portfolios.