Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced the sale of Tides on 28th, a 224-unit multifamily property in Phoenix, Arizona. The asset traded at $34.8 million, which represents $155,357 per unit.
“Situated along the northwest border of the North Mountain Redevelopment Area, Tides on 28th continues to benefit from the city of Phoenix’s ongoing urban renewal efforts,” said IPA executive managing director Cliff David. “The redevelopment resolution aims to assist area residents and businesses through private investments that will transform underutilized properties and transportation infrastructure and create high-profile employment prospects; positioning the property well for future revenue gains.” David and IPA executive managing director Steve Gebing represented the seller, Tides Equities and procured the private buyer.
Positioned parallel to Interstate 17 one-half mile from the Cactus Road/Interstate 17 on-ramp in the Northwest Valley, the property is close to a combined 36 million square feet of office, industrial, and flex space through both the Interstate 17 and Deer Valley employment corridors. Farmers Insurance and Valor Global have recently expanded their operations in the Deer Valley corridor, which includes USAA, Discover Financial Services, PetSmart, and Honeywell. Arizona State University West Campus is three miles away.
Completed in 1980 on eight acres, Tides on 28th has a swimming pool and spa, a recently modernized clubhouse and leasing center, basketball court, dog park, two on-site laundry facilities, covered parking and immediate access to nearby Lake Biltmore.