TEMPE, ARIZ. — Institutional Property Advisors (IPA) has arranged the sale of and financing for The Gallery, an 88-unit community in Tempe. Living Well Homes sold the property to RSN Property Group for $20.3 million.
Cliff David and Steve Gebing, both executive managing directors with IPA, along with Marcus & Millichap Senior Vice Presidents Paul Bay and Darrell Moffitt, represented the seller and procured the buyer. The IPA capital markets team led by Brian Eisendrath, Cameron Chalfant, Jake Vitta and Tyler Johnson arranged acquisition financing.
The Gallery is a two-story, 13-building property built in 1972 on approximately four acres. Amenities include a pool, a fitness center and a laundry facility. Apartment features include private patios or balconies. The two- and three-bedroom floor plans average 1,013 square feet in size.