Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Aventura, a 408-unit multifamily asset in Avondale, Arizona. The property sold for $102.5 million, or $251,225 per unit.
“Located adjacent to Avondale’s most densely occupied retail and dining intersection, Aventura is supported by the West Valley’s strong multifamily operating fundamentals, including 96 percent average physical occupancy over the last five years,” said Steve Gebing, IPA executive managing director. “The property is positioned with outstanding access to the West Valley’s growing economic profile led by the Southwest Valley Industrial and Loop 303 corridors.” Gebing and Cliff David, IPA executive managing director, represented the seller, an institutional investment manager, and procured the buyer, Knightvest Capital.
The property is adjacent to upscale retail and dining at Gateway Pavilions, Gateway Crossings, and Crossroads at Tolleson, and there is 14.5 million square feet of mixed-use space within a five-mile radius. Nearby Interstate 10 and Loop 101/Agua Fria Freeway give residents access to 26,000 businesses within commuting distance in the Deer Valley, Interstate 17, South Peoria, Downtown and Midtown Phoenix employment corridors. Major employers in the region include Amazon, Banner Health and Bechtel.
Constructed in 2000 on 18 acres, Aventura is a gated, 19-building garden-style asset with two resort-style swimming pools. The property also has a recently renovated leasing office, a standalone clubhouse, a fitness center, garages, and covered parking. Apartments have full-size washers and dryers, wood-style vinyl flooring, and patios or balconies. The average unit size is 903 square feet.