Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) announces the sale of Mountain Park, a 240-unit apartment complex located in Phoenix’s Ahwatukee Foothills Village. The property sold for $40.4 million, which equates to $168,333 per unit.

“Mountain Park’s Ahwatukee Foothills urban village location gives the property a rare and desirable buffer against future multifamily development,” says Steve Gebing, senior managing director. “The surrounding area has proven to be one of the highest barrier to entry submarkets in Arizona.”

Mountain Park’s residents have immediate access to Interstate 10, Loop 202/the Santan Freeway, U.S. 60/the Superstition Freeway, Loop 101/the Price Freeway, and the Loop 202 Expansion/South Mountain Freeway. The nearly 1.3-million-square-foot Chandler Fashion Center is less than a mile away and the Ahwatukee Foothills Towne Center and Phoenix Premium Outlets are nearby. The West Chandler Corridor, an 11 million-square-foot aerospace, high-technology, distribution, advanced business, and customer care operations employment hub is located immediately east of the community.

Developed in 1994, Mountain Park is set against a scenic backdrop of Phoenix Mountain Preserve and South Mountain State Park.