PHOENIX – (BUSINESS WIRE) – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), today announced the sale of Level at Sixteenth, a mid-rise 240-unit residential complex in the core city of Phoenix , Arizona. The lot was priced at $ 69.1 million, or $ 287,917 per unit. “Converted from an obsolete 1950s mall to a luxury multi-family community in 2010, Level at Sixteenth is a modern, podium-built asset with a recognizable value creation opportunity,” said Steve Gebing, Executive Managing Director of IPA. “The scarcity of arable land in the region supports investments by offering protection from future multi-family competition.” Gebing and IPA Managing Director Cliff David represented the seller, a subsidiary of the Abacus Capital Group, and brokered the buyer, the Sares Regis Group. The property is located south of the intersection of 16th Street and Camelback Road, just off State Route 51, and provides residents with direct access to the Biltmore, Midtown and Downtown areas of Phoenix. The Camelback Corridor is home to numerous financial and corporate services institutions, around 46,000 jobs and 865 companies. Creighton University School of Medicine, Uptown Plaza, Camelback Colonnade and The Shops at Town & Country are 2 miles away. The interiors of the Apartments at Level at Sixteenth have more than nine feet high ceilings, private washrooms, and walk-in showers with ceramic tiles. The average unit size is 800 square meters. A central feature of the property is the clubhouse for the rental office with a resident lounge, fireplace, demonstration kitchen, 2.40 m multimedia video wall and pool table. About Institutional Property Advisors (IPA) Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services company in North America. The combination of real estate investment and capital market expertise, industry-leading technology and renowned research offers tailor-made solutions for the acquisition, sale and financing of institutional real estate and portfolios. For more information, please visit www.institutionalpropertyadvisors.com About Marcus & Millichap (NYSE: MMI) Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory with over 2,000 sales and finance professionals in the United States and Canada . Founded in 1971, the company completed 8,954 transactions in 2020, valued at approximately $ 43 billion. Marcus & Millichap has perfected a powerful real estate marketing system that combines investment specialization, local market expertise, the industry’s most in-depth research, cutting-edge technology and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.
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