Just a day after news of the $187 million sale of the Grand2 office building in Tempe, another nine-figure transaction hit the books. According to the commercial real estate transaction tracking website Vizzda.com, the Maxwell on 66th apartment complex in North Phoenix sold for $122.5 million. The complex is located at 6611 E. Mayo Blvd., just west of Scottsdale Road and less than a mile from the Mayo Clinic in Phoenix.
According to Vizzda.com data, it was the largest multifamily transaction in 2020 and just below the value of the largest multifamily transaction of 2019, the $124 million sale of The District at Scottsdale on Dec. 12, 2019. The Grand2 sale was the largest of 2020, with the Maxwell on 66th sale No. 2 on the overall list.
The property was sold by JLB Partners, which is headquartered in Dallas, Texas. JLB Partners is a national developer, builder and manager of Class A multi-family assets. It’s portfolio spans the nation, with the majority of its properties in Texas. Institutional Property Advisors (IPA) agents Steve Gebing and Cliff David represented the seller and buyer in this transaction. IPA is a division of Marcus & Millichap.
The buyer was RREEF Property Trust, which is an entity traced to DWS Group, a global asset management firm.
The Maxwell on 66th broke ground in April of 2018 and opened in November of 2019. It was completed later in 2020. JLB Builders was the general contractor on the project.
Maxwell on 66th features 349 luxury units with fine finishes and the latest appliances. The facility has private one car garages available, plus other amenities like a resort pool with private poolside cabanas, outdoor entertainment areas and a fitness center with Technogym equipment.