Institutional Property Advisors Brokers Biltmore Multifamily Asset Sale
July 09, 2025
PHOENIX, July 9, 2025 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) dedicated to serving the company’s institutional clients, announced today the sale of Level at Sixteenth, a 240-unit midrise multifamily asset in the Biltmore neighborhood of Phoenix, Arizona. The property sold for $61.5 million, or $256,250 per unit.
“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.
“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.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), 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. For more information, please visit www.institutionalpropertyadvisors.com.