$55 Million Luxury Arizona Multifamily Property Sold

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The Editors's picture
Luxury multifamily property in Arizona sells for $55 million

A 408-unit luxury Arizona multifamily property has sold for $55.2 million, according to Institutional Property Advisors (IPA).

Indigo Creek, a 408-unit multifamily property in the Arrowhead area of Glendale, Arizona, was sold at a price that represents more than $135,000 per unit.

“Indigo Creek is a vibrant, luxury multifamily asset that provides new ownership with the opportunity to enhance revenue through the continued implementation of the apartment interior renovation program,” Steve Gebing, IPA senior director, said in a release.

Gebing and Cliff David, a senior director of Marcus & Millichap’s National Multi Housing Group in Phoenix, represented the seller, Bascom Arizona Ventures and procured the buyer, Resource Real Estate.

Developed in 1998 by Gray Development Group, the property is located on more than 19 acres in the Arrowhead region of Greater Phoenix, three miles from the Bell Road Retail Corridor, which has more than 5.6 million square feet of retail space. Banner Thunderbird Medical Center and Arizona State University are less than one mile away.

Among Indigo Creek’s interior amenities are ceramic tile entries and oval, Roman-style soaking tubs. Community amenities include three resort-inspired swimming pools and two spas accented by gas-burning fire pits.

Multifamily property sold for $40 million in 2014

Indigo Creek last sold in 2014, also arranged by IPA, for $40.5 million, or about $99,000 per unit when it was acquired by Bascom Arizona Ventures, according to a release from IPA at that time.

Community amenities include a stand-alone leasing office with 24-hour fully appointed fitness center, clubhouse with billiards room, computer center with Wi-Fi connectivity, three resort-inspired swimming pools and two spas, controlled access gated entry, assigned covered parking and 62 detached garages with automatic door openers and keypads.

About Marcus & Millichap (NYSE:MMI)

With over 1,600 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 8,700 transactions in 2015 with a value of approximately $37.8 billion.

About IPA

Institutional Property Advisors (IPA) is a unique platform created to support the needs of institutional and sophisticated private investors. IPA is centered around a select national network of institutionally qualified professionals and supported by a robust technology platform and highly regarded research. 

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