PHOENIX—Institutional Property Advisors, a division of Marcus & Millichap, closed the sale of Stone Canyon, a 392-unit community in Mesa. The $47 million sales price represents $120,000 per unit.

IPA senior director Steve Gebing and Marcus & Millichap vice president investments Cliff David advised the buyer, O.R.R. Mesa 1 LLC.

David tells GlobeSt.com, “The buyer is a major private client, but this was a first-time Phoenix purchase. It was very important to them to work with Marcus & Millichap to match those institutional quality assets for them. We knew it was a good fit. The pricing delta was key; they had an opportunity to buy a 15-year-old property, but at a significant discount to replacement cost—and they could still add some value. Another point was location. Mesa has a very diverse business climate led by health services. Banner Gateway has a 60-acre campus, but also owns an adjacent 46 acres. And finally are Mesa's population growth projections over the next five years. All these points will drive rent revenue going forward.”