Institutional Property Advisors (IPA), a division of Marcus & Millichap, dedicated to serving the company’s institutional clients, announced the sale of Azul, a 227-unit apartment property in Phoenix, Arizona.
“The acquisition gives new ownership the opportunity to add value to a community that was pridefully maintained by the seller for nearly a decade with a strategic renovation approach bolstered by a submarket with extremely low levels of new multifamily inventory,” said Cliff David, IPA executive managing director. David and Steve Gebing, IPA executive managing director, represented the seller, Living Well Homes, and procured the private buyer.
The property enjoys doorstep access to the Northern Avenue/19th Avenue Valley Metro Rail station, and direct proximity to the Interstate 17 Employment Corridor. There are 42,700 businesses within commuting distance, including Banner Thunderbird Medical Center, Honeywell, Knight Transportation, and USAA. Shopping is adjacent at the Albertsons Center and across the street at Sprouts Farmers Market. Added shopping and entertainment are within proximity at Bethany Towne Center.
Completed in 1986, Azul is a two-story, garden-style community with controlled access, two resort-style swimming pools and spa, and in-unit washer and dryer within most of the floor plans. The unit mix is comprised of studios, one- and two-bedroom apartment homes with an average unit size of 766 square feet.
