IPA arranges sale of Ahwatukee multifamily complex
Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, has arranged the sale of Mountainside, a 288-unit luxury apartment complex located on more than 14 acres within Mountain Park Ranch, a 2,500-acre master-planned community in the urban village of Ahwatukee in Phoenix. The terms of the sale were not released.
Cornerstone Real Estate Advisers, acting on behalf of an institutional investor, sold Mountainside Apartments to a private investor with IPA senior director Steve Gebing and Marcus & Millichap vice president investments Cliff David representing both parties in the transaction.
“There is virtually no developable land in Ahwatukee, which makes it one of the highest-barriers-to-entry submarkets in Arizona,” says Gebing. “The lack of buildable land insulates Mountainside from future multifamily development and the dearth of new projects in the development pipeline supports prospects for long-term profitability as rental demand increases and supply stays constant.”
The property is located at 3625 East Ray Road in Ahwatukee near the intersection of Interstate 10 and Ray Road, with connectivity to Loop 202, the Santan Freeway; Loop 101, the Price/Pima Freeway; and U.S. Route 60, the Superstition Freeway. The 167,760-square-foot Mountain Park Pavilions retail center is across the street and a 961,565-square-foot shopping center, Ahwatukee Foothills Towne Center, is one and one-half miles away. Some of the Valley’s most notable employers are nearby, including Intel, Verizon Wireless, Insight, Honeywell, and Avnet.
Built by Fairfield Residential in 1996, Mountainside offers a selection of one-, two-, and three-bedroom floor plans. More than 80 percent of the units feature updated hardware, plumbing, and lighting fixtures. Interiors have nine-foot ceilings, full-size washers and dryers, decorative crown molding, spacious walk-in closets, Roman soaking tubs with clear glass tub enclosures, and personal balcony or patio areas. Wood-burning fireplaces, built-in bookshelves, and overhead plant shelves are available in select units.
Community amenities include two resort-inspired swimming pools and a hydrotherapy spa surrounded by magnificent mountain views, a standalone, fully updated fitness center with state-of-the-art cardio and weight training equipment, and poolside gas barbecues with Ramadas. The property also has an executive business center with a Wi-Fi lounge, 147 detached garages, and access to the Mountain Park Ranch HOA recreational facilities.