IPA Negotiates $65.4M Sale of Aventura Multifamily Asset in Suburban Phoenix
AVONDALE, ARIZ. — Institutional Property Advisors (IPA) has arranged the sale of Aventura, a multifamily property located at 10350 W. McDowell Road in Avondale, a western suburb of Phoenix. Boston Capital sold the property to an institutional investment manager for $65.4 million, or $160,294 per unit.
Situated on 18.4 acres, Aventura features 408 apartments, a resort-style pool and 24-hour fitness center. Originally built in 2000, the property has undergone major improvements to its common areas and apartment interiors since 2016.
Steve Gebing and Cliff David of IPA, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.