IPA arranges $26M sale of Adobe Ridge in Glendale

Adobe Ridge in GlendaleAZRE

Institutional Property Advisors (IPA), a brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of Adobe Ridge, a 224-unit apartment complex in Glendale, Ariz. The $26,050,000 sales price equates to $116,000 per unit.

IPA senior director Steve Gebing and Marcus & Millichap vice president investments Cliff David advised the seller, Farnum Properties LLC. The buyer is The Praedium Group.

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