Institutional Property Advisors (IPA), a division of Marcus & Millichap, dedicated to serving the company’s institutional clients, announced the sale of Level at Sixteenth, a 240-unit midrise multifamily asset in the Biltmore neighborhood of Phoenix, Arizona.
“The property’s location in the fully built out Biltmore neighborhood places it within the Valley’s premier financial district, the Camelback Corridor, where only five multifamily assets of 100 or more units have been built over the past 25 years,” said Steve Gebing, IPA executive managing director. “Previous ownership maintained Level at Sixteenth’s appeal in this affluent area by completing significant capital improvements to all apartment interiors, the clubhouse, leasing office, and fitness center.” Gebing and Cliff David, IPA executive managing director, represented the seller, Sares Regis Multifamily Investment Management and procured the buyer.
The property is located on the corner of 16th Street and Campbell Avenue, close to Camelback Road and Arizona State Route 51. The Arizona Biltmore, The Phoenician, The Shops at Town & Country, and Scottsdale Fashion Square are nearby.
Completed in 2010 on four acres, Level at Sixteenth has temperature-controlled interior corridors, a resort-inspired swimming pool and spa, a two-story fitness center, and a parking garage. Apartments feature stainless-steel appliance packages and oversized walk-in closets. The average unit size is 794 square feet.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of December 31, 2023, the Company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The Company also offers market research, consulting and advisory services to our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
Institutional Property Advisors (IPA) is a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios.
