Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Cabana on 12th, a 252-unit multifamily asset in Phoenix, Arizona. The property sold for $54.5 million, which represents $216,270 per unit.
“Cabana on 12th is a purpose-built attainable housing apartment community that provides budget-conscious renters with housing optionality not otherwise offered by the market,” said IPA executive managing director Steve Gebing. Gebing and IPA executive managing director Cliff David represented the seller, Greenlight Communities and procured the buyer, JB Partners.
The five-building property is located between Uptown Phoenix and Midtown Phoenix, near two of the city’s top employment corridors, Camelback and Innovation. The area gives residents access to a diverse set of industries anchored by the healthcare and biotech sectors. Nearby State Route 51/Piestewa Freeway and Valley Metro rail provide access to the Phoenix Sky Harbor International Airport area and the 44th Street Gateway hub. Constructed in 2020, Cabana on 12th has studio, one- and two-bedroom apartments with nine-foot ceilings.