IPA Negotiates $123 Million Sale of 625-Bed Student Housing Community Near Arizona State University

Tempe, Ariz. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of West Sixth, a student housing community located steps from Arizona State University in Tempe. An undisclosed buyer acquired the asset for $123 million. Peter Katz, Steve Gebing and Cliff David of IPA represented the undisclosed seller and procured the buyer in the transaction. Completed in 2011, the two-tower property offers 375 units totaling 625 beds. Shared amenities include a swimming pool, hot tub, business center with private conference rooms, a 24-hour fitness center, tanning beds, a game room, clubhouse, dog run, coffee bar, television lounge, two in-house movie theaters, barbecue grills and a picnic area. The property has reached at or near full occupancy every year since its 2011 opening. Currently, the community is 98 percent occupied and 88 percent pre-leased for the upcoming school year.