Tuesday, December 1, 2020


Home Business News Institutional Property Advisors Brokers $117.5 Million Multifamily Asset Sale in Tempe, Arizona

Institutional Property Advisors Brokers $117.5 Million Multifamily Asset Sale in Tempe, Arizona

TEMPE, Ariz.–()–Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Onnix, a 659-unit multifamily asset in Tempe, Ariz. The property sold for $117.5 million, which equates to $178,300 per unit.

“Proximate to 18 employment corridors and 600,000 skilled professionals, Onnix is representative of the preference for highly amenitized, well-connected locations supported by expanding employment and educational opportunities,” said Steve Gebing, IPA executive managing director. “The community’s location near Tempe’s innovative mixed-use developments supports its prospects for long-term economic vitality.” Gebing and IPA executive managing…

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