Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to announce the sale of Arboretum at South Mountain, a 312-unit apartment community in Ahwatukee Foothills, an urban village adjacent to South Mountain Park in Phoenix. The $45.5 million sales price equates to just less than $146,000 per unit.
“This luxurious multifamily community combines the comfort of a tranquil retreat with proximity to an exciting urban setting,” says Steve Gebing, IPA senior director. “The location also gives Arboretum at South Mountain a buffer against future multifamily development as the area surrounding the property is one of the highest barrier to entry submarkets in Arizona.”
Gebing and Cliff David, a senior director of Marcus & Millichap’s National Multi Housing Group, represented the seller, and procured the buyer.
The apartment community is located at 15251 South 50th St., near access to several major freeways, including Interstate 10, Loop 202, U.S. Route 60 and Loop 101. The anticipated expansion of Loop 202 is less than a mile south of the property. Nearby employers include Intel, Verizon Wireless, Honeywell, Avnet and Insight. Shopping centers Mountainside Plaza and the Ahwatukee Foothills Towne Center are both approximately one mile away. The largest municipal park in the country, 16,000-acre
South Mountain State Park, is close by.
Arboretum at South Mountain’s many community amenities include lush floral gardens, serene outdoor spaces with oversized picnic areas, a sand volleyball court and a resort-inspired swimming pool. Apartments have nine-foot ceilings and interior laundry areas with full size washers and dryers.