Luxury Central Phoenix Multifamily Asset Sold by IPA for $58.35 Million
PHOENIX, April 23, 2018 - Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announces the sale of Escape, a 244-unit luxury apartment complex in Phoenix. The $58.35 million sales price equates to $ $239,139 per unit.
“Neighboring the bustling Biltmore financial district, Escape offers outstanding walkability to upscale shopping and boutique eateries,” says Steve Gebing, senior managing director. “The community fulfills the needs of well-educated, high-income professionals who want to work and socialize within a five-to-10-minute commute of home.”
Gebing and Cliff David, senior managing director, represented the seller, P.B. Bell, and procured the buyer, Weidner Apartment Homes.
“P.B. Bell is one of Arizona’s most renowned and celebrated developers,” notes Gebing.
Built in 2016 on more than five acres, Escape is located at 4700 North 16th St. Downtown Phoenix, the Camelback Corridor, and the Central Avenue Office Corridor are within a five-mile radius. The Shops at Town & Country and Camelback Colonnade, two shopping hubs with a combined total of more than 1 million square feet of neighborhood retail and dining, are within walking distance. The Arizona Biltmore Resort & Spa, a 740-room luxury Waldorf Astoria hotel known as the “Jewel of the Desert,” is nearby and The Camby hotel, The Phoenician Resort, the Sanctuary Camelback Mountain Resort, and the Wrigley Mansion are all within close proximity. The property features many deluxe amenities, including a resident lounge with billiard tables and views of Camelback Mountain.