Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale and financing of The Gallery, an 88-unit apartment asset in Tempe, Arizona. The property sold for $20.3 million, or $230,682 per unit.
“The Gallery provides new ownership with a value-add completion strategy that includes full-scale apartment interior renovations and common area amenity enhancements throughout its low-density design,” said Cliff David, IPA executive managing director. “The property’s all two- and three-bedroom floor plans and exceptionally large apartment interiors enhanced the attractiveness of the opportunity in its superb Tempe location.” David and Steve Gebing, IPA executive managing director, along with Marcus & Millichap senior vice presidents Paul Bay and Darrell Moffitt represented the seller, Living Well Homes, and procured the buyer, RSN Property Group. The IPA Capital Markets team led by Brian Eisendrath, Cameron Chalfant, Jake Vitta and Tyler Johnson arranged acquisition financing. “This is RSN Property Group’s third acquisition in the Phoenix market,” said Reed Goossens of RSN. “We are excited to dig in and add value to the community and the residents.”
The property is close to U.S. 60/Superstition Freeway, Loop 101/Price Freeway, and Arizona State University’s main campus in Tempe. Downtown Phoenix is approximately 10 miles away and Tempe Beach Park, the Phoenix Zoo, and South Mountain Park are within a short drive. The popular outlet shopping destination Arizona Mills is nearby, and Southern Palms and Southern Village Shops are within walking distance.
The Gallery is a two-story, 13-building property built in 1972 on more than four acres. Community amenities include a swimming pool and sundeck, a fitness center and laundry facility. Apartment features include large private patios or balconies and walk-in closets and boast weighted average unit sizes of 1,013 square feet.
