Institutional Property Advisors closes $81 million Central Phoenix multifamily asset sale

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Peak 16
Institutional Property Advisors announced the sale of Peak 16, a 233-unit multifamily asset in Phoenix, Arizona.

Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Peak 16, a 233-unit multifamily asset in Phoenix, Arizona. The $81.35 million sales price equates to $349,142 per unit.

“Core multifamily asset sales throughout the Phoenix metro area are accelerating at unprecedented levels given the outperformance of the asset class in both a local and national context,” said IPA executive managing director Steve Gebing. Gebing and IPA executive managing director Cliff David represented the seller, Virtú Investments and procured the buyer, an institutional investment manager.

Built in 2018 on four acres, the property is located in the Camelback Corridor between Phoenix’s mostly residential Midtown neighborhood and the Biltmore Area, home of The Arizona Biltmore, a Waldorf Astoria Resort built in 1928. The University of Arizona, Arizona State University and Phoenix College are nearby and there are three shopping centers within one mile and three Valley Metro light rail stations within three miles.

Peak 16 has a heated and chilled swimming pool, media room, dry cleaning service, fitness center and a guest apartment. Peak 16’s Efficient Living program provides residents with resources to save on energy each month, reduce waste and live more sustainably.