PHOENIX—Institutional Property Advisors, adivision of Marcus & Millichap Inc. hasfacilitated the sale of Waterford at Superstition Springs, a280-unit multifamily community in Mesa. The commercialreal estate sale netted $33 million, or $117,850 per unit.
IPA senior director Steve Gebing andMarcus & Millichap vice president investments CliffDavid advised the seller, Waterford atSuperstition Springs LLC. The buyer is NALSApartmentHomes.
Gebing tells GlobeSt.com, “The buyer wasattracted to improving fundamentals in the submarket coupled withthe opportunity to acquire a high quality, institutionally-ownedasset at a significant discount to replacement cost. Waterford atSuperstition Springs delivers an amenity-rich living experiencethat combines comfort and convenience with unparalleledcontemporary finishes.”
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