Sunrise Multifamily, Ascent Equity Group JV acquire $61m multifamily asset sale near Phoenix
A joint venture between Sunrise Multifamily and Ascent Equity Group announce the acquisition of Cabana Encanto, a 286-unit attainable housing asset in the Phoenix suburb of Goodyear, Ariz. The $61 million sale price represents $213,287 per unit and $354 per square foot.
Institutional Property Advisors, a division of Marcus & Millichap, represented seller Greenlight Communities, and procured the buyer.
Located within the 9,000-acre Palm Valley master-planned community, the property is walking distance from Goodyear Civic Square at GSQ, an award-winning multi-use development. Within a 30-minute drive, there are more than 358,000 working professionals. Luke Airforce Base, The Wigwam Resort, Phoenix Raceway and Westgate Entertainment District shopping complex are nearby.
Completed in 2022 on 8.8 acres, Cabana Encanto’s apartment homes have nine-foot ceilings, eight-foot keyless entry doors, and a front porch or patio. The property’s controlled-access commun