Scottsdale, Arizona. – (work wire) – Institutional Real Estate Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), today announced the sale of SeventyOne15 McDowell, a 274-unit multi-family modern asset in Scottsdale, Arizona. The property sold for $150 million, or $547,445 per unit.

said Steve Gibbing, CEO of IPA. Developed by Alliance Residential, SeventyOne15 McDowell features best-in-class design and construction with luxurious interior and communal facilities. The property is poised to benefit from the commercial and academic partnerships driving the economic recovery of South Scottsdale.” Gipping and IPA CEO, Cliff David, represented the seller and bought the buyer.

Completed in 2022, the asset is located near SkySong, the 1.2 million square foot ASU Scottsdale innovation hub. The Old Town Scottsdale and South Scottsdale employment corridors are nearby, along with the area’s major employers General Dynamics, HonorHealth, Vitalant, Yelp, Indeed, Banner Health and Opendoor. Old Town Scottsdale, home to art galleries, nightlife and Scottsdale Stadium, is less than three miles away.

About IPA

Institutional Equity Advisory (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s blend of real estate investment, capital markets expertise, industry-leading technology and acclaimed research delivers customized solutions for the acquisition, disposal and financing of property and institutional portfolios. For more information, please visit the website www.institutionalpropertyadvisors.com

About Marcus & Millichap, Inc. (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 sales and investment finance professionals in 82 offices providing investment brokerage and financing services to buyers and sellers of commercial real estate. The company also provides market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 deals in 2021, with a turnover of nearly $84.4 billion. For additional information, please visit www.MarcusMillichap.com.

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