Biltmore-Area Apartments Sell for Over $250K/Unit
Institutional Property Advisors (IPA) announced the sale of Level at Sixteenth, a 240-unit midrise multifamily asset in the Biltmore neighborhood of Phoenix, Arizona. The property sold for $61.5 million, or $256,250 per unit. Sares Regis Multifamily Investment Management was the seller. IPA’s Steve Gebing and Cliff David represented the seller and procured the buyer.
The property is located on the corner of 16th Street and Campbell Avenue, close to Camelback Road and Arizona State Route 51. The Arizona Biltmore, The Phoenician, The Shops at Town & Country, and Scottsdale Fashion Square are nearby.
Completed in 2010 on four acres, Level at Sixteenth has temperature-controlled interior corridors, a resort-inspired swimming pool and spa, a two-story fitness center, and a parking garage. Apartments feature stainless-steel appliance packages and oversized walk-in closets. The average unit size is 794 square feet.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
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