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$58 Million Multifamily Asset Sale Closed by Institutional Property Advisors in North Phoenix

  • Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced the sale of Ascend at Black Canyon, a 260-unit multifamily property in Phoenix, Arizona.
  • The asset traded for $58.7 million, equating to $225,769 per unit.
  • Steve Gebing & Cliff David, IPA executive managing directors, represented the seller D.R. Horton & procured the buyer Millburn & Company.
  • The property is located in Phoenix's Deer Valley urban village near Interstate 17/Black Canyon Freeway, Sonoran Preserve, & Happy Valley Town Center.
  • Nearby employers include HonorHealth Sonoran Crossing Medical Center, PetSmart headquarters, Honeywell Aerospace, Cox Communications, & American Express.
  • The community is situated in a region positioned to support high-earning jobs in nanometer chip production for companies such as Apple, Sony, Tesla, & Qualcomm.
  • Average & median annual household incomes within a one-mile radius are $163,500 & $138,000, respectively.
  • Completed in 2024 on over 10 acres, the controlled-access community features a resort-style pool, 24-hour fitness center, two dog parks, & a pet washing station.
  • The unit mix includes one-, two-, & three-bedroom apartments equipped with stainless-steel appliances, washers & dryers, smart-home technology, dual-pane windows, & private patios or balconies.