Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Mountain Park, a 240-unit multifamily asset in the Ahwatukee Foothills Village of Phoenix, Arizona.
“Ahwatukee Foothills Village demonstrates attractive demographics and consistently high single-family home prices that taken together, sustain the location’s reputation as one of the premier suburbs in Greater Phoenix,”said Cliff David, IPA executive managing director. “High barriers to entry have led to supply constraints in Ahwatukee for decades, marked by only two multifamily properties completed in the submarket over the last 20 years, solidifying the area as an exclusive location within Arizona.” David and Steve Gebing, IPA executive managing director, represented the seller, Sares Regis Multifamily Value-Add Fund III, and procured the buyer, LaSalle Investment Management.
Located west of Interstate 10 on Ray Road, Mountain Park has a picturesque backdrop with Phoenix Mountain Preserve and South Mountain State Park nearby. Two major employment corridors, West Chandler and Price, are easily accessible from the property and retail and dining at Ahwatukee Towne Center, Foothills Park Place, Phoenix Premium Outlets, and Chandler Fashion Center are nearby for everyday retail and dining essentials.
Completed in 1994 on 12.5 acres, Mountain Park is a gated community with a spacious clubhouse and recently expanded fitness center, two resort-inspired pools, spa, and access to Mountain Park Ranch Homeowners Association’s recreational facilities. Sun Ray Park is adjacent to the property, providing direct entry to hiking, biking and jogging trails. The property’s unit mix of one-, two- and three-bedroom apartment homes includes open-concept floorplans. All units have full-size washers and dryers and a patio or balcony with additional outside storage. Select apartments have wood-burning fireplaces and private stairwell entrances.
