Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Accolade, a 548-unit multifamily asset in Phoenix, Arizona. The property sold for $155 million or $282,847 per unit. The transaction is one of the top five largest multifamily sales on record in Arizona by total purchase price.
“Accolade’s strategic North Phoenix location offers a diverse employment base in a high-barrier-to-entry submarket,” said Steve Gebing, IPA executive managing director. “With only four multifamily properties constructed since 2010 within a three-mile radius, Accolade is primed for a common area and apartment interior renovation program.” Gebing and Cliff David, IPA executive managing director, represented the seller, Weidner Apartment Homes, and procured the buyer, Knightvest Capital.
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Located near the intersection of Bell Road and Central Avenue, Accolade is accessible from three of Phoenix’s most-traveled freeways, Interstate 17, Loop 101, and State Route 51. The Deer Valley and Interstate 17 employment corridors, with businesses like Honeywell, Blue Cross Blue Shield, Waste Management of Arizona, Wells Fargo, USAA, Discover Financial Services, Cox Communications, and PetSmart, are nearby. Upscale retail and entertainment destinations, including Arrowhead Towne Center, P83 Entertainment District and Desert Ridge are a short drive away. Grocery stores and every day conveniences are within walking distance.
Constructed in 1984 on 28 acres, Accolade’s community amenities include four swimming pools and two spas. The resident clubhouse and leasing office have vaulted ceilings with loft space and skylights, plush seating areas with a fireplace, an open-air conference room, and a cyber-café. Apartments have full-size washers and dryers, wood-style vinyl flooring, walk-in closets, and private patios or balconies. The average unit size is 856 square feet.
