Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, announced the sale of Ashton Pointe, a 314-unit multifamily asset in Avondale for $42.5 million.
“Located adjacent to Phoenix in the southwest Valley, Ashton Pointe is situated within an area that has more than 89 million square feet of industrial and distribution space, a flourishing workforce and a high-median-income-level population,” said Steve Gebing, IPA senior director.
Gebing and Marcus & Millichap first vice president investments Cliff David represented the seller, The P.B. Bell Companies and procured the buyer, Parkmeed Properties.
The community is located at 12175 W. McDowell Rd. in Avondale, less than one mile north of the approximately 1 million-square-foot Coldwater Depot Logistics Center, which houses major distribution sites for specialty retailers.
The Westgate Entertainment District is located near the property, roughly eight miles northeast of Ashton Pointe.
Apartments at Ashton Pointe feature one-, two- and three-bedroom floor plans with nine-foot ceilings, track lighting, private laundry quarters, cultured-marble bath vanities, soaking tubs, private patios or balconies and well-appointed kitchens with glass cooktop stoves.
Select units feature tech centers. Community amenities include controlled access gated entry, reserved covered parking, detached garages, a clubhouse, an athletic center, outdoor ramada lounge with Wi-Fi connectivity, two resort-inspired pools and spas, a putting green and a puppy play area.
