N. Phoenix Apartments Trade for $58.7M
Institutional Property Advisors (IPA) brokered the sale of Ascend at Black Canyon, a 260-unit multifamily property in Phoenix, Arizona. The asset traded for $58.7 million, or $225,769 per unit. DR Horton was the seller, Millburn & Company the buyer. Steve Gebing and Cliff David, IPA executive managing director of investments, represented the seller and procured the buyer.
IPA’s Gebing added, “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.”
Completed on over 10 acres in 2024, Ascend at Black Canyon is a controlled-access community with a resort-style swimming pool, 24-hour fitness center, two dog parks and a pet washing station. The unit mix is one-, two- and three-bedroom apartments with a private patio or balcony.
The property is in Phoenix’s Deer Valley urban village close to Interstate 17/Black Canyon Freeway, near the Sonoran Preserve and the Happy Valley Town Center open-air shopping mall.
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Brokers
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Remax Professionals
Re/Max Real Estate Professionals | New York
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout