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Institutional Property Advisors Announces $193 5 Million Sale of 356-Unit Luxury Apartment Community in Scottsdale, Arizona

SCOTTSDALE, AZ - Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced the sale of Roadrunner on McDowell, a 356-unit multifamily asset in Scottsdale, Arizona. The property sold for $193.5 million, which equates to $543,539 per unit. The price per unit is the highest in Arizona’s history for an institutionally sized apartment building. The transaction is also the largest single asset core multifamily sale and second-largest single asset.

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