Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced today the sale of Mountain Park Ranch Apartments, a 240-unit multifamily asset in the Ahwatukee Foothills Village of Phoenix, Arizona.
“Mountain Park has a desert retreat-like location in an affluent suburb with remarkably high barriers to entry combined with a scenic backdrop provided by the Phoenix Mountain Preserve and South Mountain State Park,” said Cliff David, IPA senior managing director. “The exclusivity of the location and lack of developable land surrounding Mountain Park provide a buffer against a girth of future multifamily development.” David and Steve Gebing, IPA senior managing director, procured the buyer, Sares Regis Multifamily Value-Add Fund III, and represented the seller, Khosro Khaloghli.
Constructed in 1994 within the 2,500-acre Ahwatukee Foothills Village, and further within Mountain Park Ranch, Mountain Park is situated west of Interstate 10 along Ray Road. The Chandler Fashion Center, Ahwatukee Foothills Towne Center and Phoenix Premium Outlets are nearby, and the West Chandler and Price employment corridors are easily accessible from the property. Community amenities include tranquil outdoor spaces, two resort-inspired pools and spas and access to the Mountain Park Ranch Home Owners Association’s recreational facilities.
