Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Maxwell on 66th, a new, luxury 349-unit garden-style apartment property in the North Scottsdale Corridor of Phoenix, Arizona. The property sold for $122.5 million, which equates to $351,003 per unit.
“A contemporary multifamily masterpiece with condominium-quality finish levels and top-of-the-market common area amenities, Maxwell on 66th is perfectly suited to serve the needs of North Scottsdale’s working professionals,” said Steve Gebing, IPA executive managing director. “Area-leading demographics include an average annual household income of $126,000 and a median annual household income of $87,400.” Gebing and IPA executive managing director Cliff David represented the seller and procured the buyer.
Located close to the intersection of Scottsdale Road and Mayo Boulevard, the property is near Loop 101/Agua Fria Freeway on- and off-ramps, State Route 51 and Interstate 17. The Scottsdale 101 shopping center and The Shops at Chauncey Ranch are within walking distance and the Kierland Commons and Scottsdale Quarter retail centers are close by. The Scottsdale Airpark and Kierland employment corridors, home to 2,300 businesses in over 22 million square feet of combined office, industrial, and flex space are within a five-mile radius of the property. Prominent employers include American Express, Vanguard, GoDaddy, and the Mayo Clinic, which is currently nearly doubling the size of its Phoenix campus less than two miles from Maxwell on 66th.
Completed in 2020 on 15-plus acres, the 11-building complex has many community amenities, including a central courtyard, a resort-style swimming pool, a tanning pool, yoga lawn, putting green and electric car charging stations. Apartments have nine-and-a-half foot high ceilings, ultra-modern gourmet kitchens and hand-scraped oak hardwood floors. Select units have extra amenities, including integrated desks and bookshelves, built-in wine racks, oversize soaking tubs and mountain views. The average unit size is 940 square feet.