Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Azura, a 387-unit apartment asset in North Phoenix, Arizona. The property sold for $38.2 million.

“Revenue gains currently experienced at Azura demonstrate the attractiveness of the asset and its superior positioning within the submarket,” says Cliff David, Marcus & Millichap senior managing director. “The property received an initial round of renovations that add to its desirability and pave the way for an additional level of improvements.”

David and Steve Gebing, IPA senior managing director, represented the seller, Jevan Capital and procured the private buyer.

Situated on the northwestern border of the 2,500-acre North Mountain Redevelopment Area, Azura is immediately west of Interstate 17, approximately four miles from Arizona State University’s West Campus and near the Interstate 17 and Deer Valley Employment Corridors, which encompass 38 million square feet of office, industrial, and flex space. Nearby prominent employers include Blue Cross Blue Shield of Arizona, General Dynamics, UnitedHealthcare, Wells Fargo, USAA, Discover Financial Services, and Honeywell Aerospace. Developed in 1980, the property features studio, one- and two-bedroom apartment homes, a dog park, gated entry and access to Lake Biltmore.