PHOENIX--(BUSINESS WIRE)--Sep 24, 2021-- Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Accolade, a 548-unit multifamily asset in Phoenix, Arizona. The property sold for $155 million or $282,847 per unit. The transaction is one of the top five largest multifamily sales on record in Arizona by total purchase price. "Accolade's strategic North Phoenix location offers a diverse employment base in a high-barrier-to-entry submarket," said Steve Gebing, IPA executive managing director. "With only four multifamily properties constructed since 2010 within a three-mile radius, Accolade is primed for a common area and apartment interior renovation program." Gebing and Cliff David, IPA executive managing director, represented the seller, Weidner Apartment Homes, and procured the buyer, Knightvest Capital.