Institutional Property Advisors (IPA), a division of Marcus & Millichap dedicated to serving the company’s institutional clients, announced the sale of Ascend at Black Canyon, a 260-unit multifamily property in Phoenix, Ariz. The asset traded for $58.7 million, or $225,769 per unit.
“North Phoenix is positioned to generate tens of thousands of high-earning jobs supporting the world’s most advanced nanometer chip production for companies such as Apple, Sony, Tesla and Qualcomm,” said Steve Gebing, executive managing director investments at IPA. “Within a one-mile radius of Ascend at Black Canyon, average and median annual household incomes are $163,500 and $138,000, respectively.” Gebing and Cliff David, executive managing director investments at IPA, represented the seller, D.R. Horton, and procured the buyer, Millburn & Co.
The property is in Phoenix’s Deer Valley urban village close to Interstate 17/Black Canyon Freeway, near the Sonoran Preserv
