$64.35 million buys suburban Phoenix luxury multifamily asset

Architectural Photography by Michael Baxter, Baxter Imaging LLC

Institutional Property Advisors (IPA), a division of Marcus & Millichap, announces the sale of Velaire at Aspera, a 286-unit core multifamily asset in Glendale, Arizona. The property sold for $64.35 million, which equates to $225,000 per unit.

“Velaire at Aspera is an ultra-luxurious, Class ‘AA’ apartment community with sophisticated, best-in-class amenities,” says Steve Gebing, IPA senior managing director. “Completed in 2016 by P.B. Bell, one of Arizona’s most renowned and celebrated developers, the property is the Northwest Valley’s premier multifamily asset commanding a prime destination for luxurious apartment living in the preeminent master-planned community of Arrowhead Ranch.”

Gebing and Cliff David, Marcus & Millichap senior managing director, represented the seller, P.B. Bell, and procured the buyer.

Built in 2016, Velaire at Aspera is located approximately 20 miles northwest of Downtown Phoenix. Nearby attractions include the Arrowhead Towne Center shopping mall, the Westgate Entertainment District and the University of Phoenix Stadium.

About Institutional Property Advisors

With a network of senior-level investment advisors located throughout the United States, Institutional Property Advisors (IPA) is qualified to meet the needs of institutional and major private investors. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, superior support services and acclaimed research offer customized solutions for the acquisition and disposition of institutional properties and portfolios.