Investment Property Associates has paid $47.8 million for the 488-unit San Melia multifamily property in Phoenix.

TIAA-CREF sold the property at 14435 South 48th St., in a deal brokered by Colliers International. The garden-style property is 96 percent occupied.

The Grand Haven, Mich., developer is funding its purchase with $30 million of Freddie Mac financing.

Wells Fargo Multifamily Capital provided the 10-year loan, which has a 5.55 percent rate and a 30-year amortization schedule. Cohen Financial arranged the debt.

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