Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of The Curve at Melrose, a four-story, 204-unit multifamily asset in the Melrose District of Phoenix, Arizona. The $56.2 million sales price equates to $275,490 per unit.
“The only 100-unit-plus multifamily community to be constructed in the Melrose District in last 40 years, The Curve at Melrose sets the area standard for modern living,” said Steve Gebing, IPA executive managing director. Gebing and IPA executive managing director Cliff David represented the seller, P.B. Bell and procured the buyer, JB Partners.
The property’s location gives residents direct access to Midtown, Downtown and Camelback employment corridors, which provide job opportunities in finance, real estate, healthcare, technology and innovation, and distribution. The corridors contain 2,600 businesses housed in 33 million square feet of office, industrial, and flex space, and corporate employers like Wells Fargo, Banner Health, U-Haul, CenturyLink, Uber, Quicken Loans, and Bank of America. There are four Valley Metro light rail stations within a one-mile radius of the community. Arizona State University is 3.5 miles away.
Constructed in 2018 on three acres, The Curve at Melrose’s open-concept apartment interiors feature nine-foot ceilings, custom pendant and track lighting, full-size washers and dryers, and walk-in closets. Community amenities include a heated, resort-style swimming pool, courtyard, an underground parking garage, and ground-level covered parking.