Market Overview

$60.5 Million Value-Add Multifamily Property in Tempe Sold by IPA


Institutional Property Advisors (IPA), a division of Marcus & Millichap
(NYSE:MMI), closed the sale of Willow Creek, a 402-unit value-add
multifamily asset in Tempe, Arizona. The property sold for $60.5
million, which equates to $150,498 per unit.

"The property is a prime candidate for interior renovations as the large
majority of unit interiors feature original finishes," said Cliff David,
Marcus & Millichap senior managing director. "The property's meticulous
campus setting and the asking rents for newly constructed core assets in
Tempe, that are reported to be hundreds of dollars more per month than
Willow Creek, combine to make a very compelling value proposition."

David, and Steve Gebing, IPA senior managing director, represented the
seller, Acacia Capital, and procured the buyer, JB Partners.

Constructed in 1984, Willow Creek is about one mile from the Valley
Metro's Loop 101/Apache Boulevard light rail station and one-half mile
from the intersection of the Price Freeway and Broadway Road. The
1.3-million-square-foot Tempe Marketplace is two miles north of the
property and Mesa Riverview, a 1.3 million-square-foot outdoor shopping
center is four miles away. Arizona State University, Arizona State
University Research Park and the Discovery Business Campus are also
nearby. Willow Creek is an impeccably manicured community covering
nearly 18 acres with three swimming pools and a recently refreshed

About Marcus & Millichap (NYSE:MMI)

With over 1,800 investment sales and financing professionals located
throughout the United States and Canada, Marcus & Millichap is a leading
specialist in commercial real estate investment sales, financing,
research and advisory services. Founded in 1971, the firm closed nearly
9,000 transactions in 2017 with a value of approximately $42.2 billion.
Marcus & Millichap has perfected a powerful system for marketing
properties that combines investment specialization, local market
expertise, the industry's most comprehensive research, state-of-the-art
technology, and relationships with the largest pool of qualified
investors. To learn more, please visit:

About Institutional Property Advisors

With a network of senior-level investment advisors located throughout
the United States, Institutional Property Advisors (IPA) is qualified to
meet the needs of institutional and major private investors. IPA's
combination of real estate investment and capital markets expertise,
industry-leading technology, superior support services and acclaimed
research offer customized solutions for the acquisition and disposition
of institutional properties and portfolios.

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