Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Azura Apartments, a 387-unit apartment asset in Phoenix, Arizona. The property sold for $91 million, which equates to $235,142 per unit.

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“Azura is positioned at the top-end of the anticipated $1 billion Metrocenter Mall redevelopment, one of the most prominent real estate repositioning efforts in the history of Phoenix,” said Cliff David, IPA executive managing director. “As a true value-add property, Azura stands to benefit greatly from the mixed-use element of the potential Metrocenter project with retail, restaurants, office and residential offerings designed around a village concept, delivering an unprecedented suite of services to the Interstate 17 (I-17) Corridor, which in turn, should attract future apartment residents to this new lifestyle destination.” David and Steve Gebing, IPA executive managing director, represented the buyer, SB Real Estate Partners.

Situated on the northwestern border of the 2,500-acre North Mountain Redevelopment Area, Azura is immediately west of I-17, approximately four miles from Arizona State University’s West Campus and near the I-17 and Deer Valley Employment Corridors, which encompass 38 million square feet of office, industrial, and flex space. Nearby employers include Blue Cross Blue Shield of Arizona, Wells Fargo, MassMutual, USAA, Discover Financial Services, PetSmart, and Honeywell.

Completed in 1980 on 14 acres, the property’s unit mix consists of studio, one- and two-bedroom apartment homes. Amenities include three swimming pools, a dog park, a 24-hour fitness center, laundry facilities, gated entry and access to Lake Biltmore.