Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Alta Midtown, a 225-unit apartment complex in Midtown Phoenix. The property sold for $52 million, which equates to $231,111 per unit.
“Alta Midtown satisfies the demand of young urban professionals for highly amenitized transit-oriented apartment living close to unique neighborhood retail and dining,” said Steve Gebing, IPA senior managing director. “Near three prominent employment corridors, the property is a perfect fit for professionals who wish to work and socialize within a short distance of home.”
Gebing and Cliff David, IPA senior managing director, represented the seller, Wood Partners, and procured the buyer, FSC Realty.
The property is near Phoenix’s downtown, Midtown and Biltmore areas and some of the Valley’s most historic neighborhoods, where the median home value is more than $635,000. Five of the Valley’s most prestigious employment corridors, including the Central Avenue Office Corridor, Downtown Phoenix, and the Camelback Corridor are within 10-miles of the property. The Central Avenue and Thomas Road Valley Metro light rail station, which provides direct access to Downtown Phoenix, Downtown Tempe and Mesa, is a half-mile away.
Developed in 2017, Alta Midtown has a mix of stylishly designed apartment homes with contemporary interiors and nine-foot or taller ceilings. Community amenities include a resort-inspired pool and spa, a rooftop lounge and an on-site beer garden.