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IPA Handles $20M Sale of Phoenix MF
Institutional Property Advisors (IPA), a division of Marcus & Millichap, handled the sale of Verona Court, a 141-unit apartment complex in Phoenix. The property at 17646 N. Cave Creek Rd. sold for $20 million, which equates to $141,844 per unit.
IPA’s Cliff David and Steve Gebing represented the seller, a partnership between NY-based Dalan Management and VM Management, and procured the unnamed private buyer.
David says, “Verona Court benefits from its proximity to the Deer Valley employment corridor and Desert Ridge region of North Phoenix. There is great affordability in play as the property offers a lower cost option to Deer Valley and Desert Ridge, making the buyer’s value-add proposition such a viable strategy in today’s market environment.”
Constructed in 1985, Verona Court’s unit mix consists of one- and two-bedroom apartment homes. Community amenities include two laundry facilities and two swimming pools.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition

