Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Riata, a newly constructed, 300-unit apartment complex in Chandler, Arizona. The property sold for
$91 million, or $303,333 per unit.

“The acquisition of Riata was the culmination of an exhaustive search for a best-in-class multifamily asset to purchase following the sale of the