Rockpoint and The Related Group (Related) have sold Town Deer Valley, a 388-unit multifamily asset in Phoenix. The property sold for $131.1 million, which represents $337,887 per unit. Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer, Goodman Real Estate.
The property is minutes from Interstate 17, proximate to the Deer Valley and I-17 Employment Corridors, home to USAA, Honeywell, Wells Fargo, Farmers Insurance, Cigna and HonorHealth. Approximately 2.7 million square feet of big box and boutique retail is located within a three-mile radius, including The Shops at Norterra, and Happy Valley Towne Center.
Completed in 2024 on 18 acres, Town Deer Valley has amenities including a 5,900-square-foot clubhouse with arts-and-crafts room, poker room, and La Galere sundry shop. The fitness center features 3,800 square feet in a standalone building with TRX Bridge fitness equipment, while the resort-inspir
