Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Cabana Happy Valley, a 292-multifamily asset in Phoenix, Arizona. The property sold for $79.25 million or $271,404 per unit.
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“Cabana Happy Valley is a newly constructed Class A asset that provides much-needed housing for middle-income professionals,” said Steve Gebing, IPA executive managing director. “While average annual household income in the Cabana Happy Valley zip code is $141,800, the median price of a single-family home is over $570,000.” Gebing and Cliff David, IPA executive managing director, represented the seller, Greenlight Communities, and procured the buyer, Ideal Capital Group.
The property is in North Phoenix near the Deer Valley and Interstate 17 employment corridors, and Deer Valley Airport. USAA, Farmers Insurance, Wells Fargo and other employers are nearby. Residents have access to over 1.3 million square feet of retail and dining at The Shops at Norterra and Happy Valley Towne Center.
Completed in 2023 on nine acres, the apartments have eight-foot-high keyless entry doors, European wood-style cabinetry, smart thermostats, and full-size washers and dryers. Cabana Happy Valley has a two-story leasing office and clubhouse, fitness center, lounge, and coworking space. Additional community amenities include a swimming pool, car charging stations, bike storage, a mail room and covered parking.
