Citra in Phoenix

Institutional Property Advisors Brokers Sale of 72-Unit Citra in Phoenix

by Channing Hamilton

PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale and financing of Citra, a 72-unit property in Phoenix. Apartment Ventures acquired the community from Investors Capital Group. Citra was built in 2005 and offers two-bedroom apartments. The average unit size is 1,068 square feet. Amenities include covered parking, a fitness center and a pool with a spa.

IPA’s Steve Gebing and Cliff David, in conjunction with Paul Bay, Darrell Moffitt and Adam Saylor of Marcus & Millichap, represented the seller and procured the buyer in the deal. Brian Eisendrath, Camerson Chalfant and Patrick Barker of IPA Capital Markets arranged seven years of fixed-rate agency financing.

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