Institutional Property Advisors sold a multifamily property in Phoenix for $41 million.
Adobe Ridge, a 224-unit complex built in 2005 at 4545 W. Beardsley Road in Phoenix, was sold for $183,036 per unit, according to information released by Calabasas, California-based IPA.
Aukum Group, a Larkspur, California-based private real estate investment company focused on apartments in the western U.S., bought the complex, according to Steve Gebing, senior managing director of IPA.
