Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of The Grove Deer Valley, a 208-unit apartment asset in Phoenix, Arizona. The property sold for $46.75 million, which equates to $224,759 per unit.
“The property is supported by a large and diverse base of professionals working in one of Northwest Phoenix’s densest concentration of employers,” said IPA executive managing director Cliff David. “The mix of classic and renovated apartment homes plus the opportunity to upsize the renovation scope within the already renovated units presents new ownership with a multilayered repositioning opportunity.” David and IPA executive managing director Steve Gebing represented the seller, a partnership between RedHill Realty Investors and Shelter Asset Management, and procured the private buyer.
The asset is located in the Deer Valley region of North Phoenix, proximate to Loop 101/the Agua Fria Freeway and the Interstate 17 and Deer Valley employment corridors. Major employers in the region include USAA, Discover Financial Services, Blue Cross Blue Shield, Farmers Insurance and Valor Global. The HonorHealth Deer Valley Medical Center, Banner Thunderbird Medical Center, and Abrazo Arrowhead Campus are within a five-mile radius of the community and Arizona State University’s West Campus is three miles away. The nearby Bell Road Retail Corridor provides The Grove Deer Valley’s residents with access to over 5.6 million square feet of retail, dining, and entertainment opportunities.
Built in 1996 on nearly nine acres, the property’s unit mix of one-, two- and three-bedroom apartments offers full-size washers and dryers, walk-in closets, and private patios or balconies with extra outside storage. Community amenities include controlled access gated entry, a contemporary fitness center, a resort-inspired swimming pool and entertainment area with gas barbecue grills and fire pit, a locker system for packages and community dog park.