PHOENIX—Institutional Property Advisors, a division of Marcus & Millichap has closed the sale of Cabana on Thomas, a 382-unit apartment home community in Phoenix. The $24.35 million sales price equates to approximately $64,000 per unit.

IPA senior director Steve Gebing and Marcus & Millichap vice president investments Cliff David advised the seller, Deco Communities.

“Cabana on Thomas recently won the coveted American Society of Interior Designers' Adaptive Use Award, which honors excellence in interior design,” says Gebing. “The property's attractive mid-century modern architecture provided the basis for a comprehensive property repositioning influenced by international fashion trends and national design, incorporating unique vintage pieces from neighborhood shops and one-of-a-kind, community-focused murals.”