Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Seventh, a 286-unit multifamily asset in Phoenix, Arizona. The $38.325 million sales price represents $134,003 per unit and $250 per square foot.
“This asset is located along one of Phoenix’s most popular surface thoroughfares in an area with some of the highest barriers to entry in Greater Phoenix,” said Cliff David, IPA executive managing director. “The concentration of highly desirable, historic neighborhoods and the lack of vacant developable land contribute to its exclusivity.” David, and Steve Gebing, IPA executive managing director, represented the seller, Scottsdale-based Sterling Real Estate Partners. The buyer was Urban Communities. “Less than 650 units have been built in Uptown Phoenix within the last 20 years and there are minimal projects under construction in the submarket,” added David. “The lack of new supply and the prospect of increasing rental demand supports continuous profitability.”
The three-story, 11-building property is located on Seventh Street, just north of the Camelback Road and Seventh Street intersection, surrounded by more than 200 original concept, fast-casual, and established restaurants in the Uptown Phoenix and Camelback East neighborhoods. There is 6.8 million square feet of retail within a two-mile radius of the property, including Uptown Plaza, The Shops at Town & Country, and Biltmore Fashion Park. The nearby Innovation Corridor, Arizona’s densest economic region, gives residents access to 1,700 companies, including U-Haul, Wells Fargo, CenturyLink, Uber, Quicken Loans, and Deloitte. The Camelback Corridor, with 850 businesses, including Fortune 500 companies Humana, Cisco Systems and Charles Schwab is two miles east of the community and the Central Avenue/Camelback Road Valley Metro light rail station is a mile away.
Built in 1970 on five acres, Seventh has two centrally located swimming pools complemented by a new outdoor gaming area and new 1,000-square-foot fitness center. The recently renovated leasing office offers a resident lounge and coffee bar.