PHOENIX — Institutional Property Advisors (IPA) has brokered the $117 million sale of Montreux, a 335-unit luxury multifamily property located within the master-planned community of Desert Ridge in Phoenix.
Montreux offers a mix of one-, two- and three-bedroom units averaging 1,058 square feet with 9-foot ceilings; sound-absorbing mechanisms that assist in mitigating sound transfer; fiber-optic high-speed internet; keyless entry; and motion sensor management.
Shared amenities at the property include a clubhouse, rooftop terrace, creative workshop, game room, fitness center, dog park, two resort-style swimming pools, a business center, and tennis, bocce and pickleball courts.
Completed in 2020, Montreux is located adjacent to Loop 101, State Route 51 and Interstate 17 — three of the most traveled freeways in Arizona. It is also near the corporate headquarters for Sprouts Farmers Market and offices for American Express, Vanguard, Nationwide, Axon and the Mayo Clinic Hospital. The community was 60 percent occupied at the time of sale.
Steve Gebing and Cliff David of IPA represented the seller, The Statesman Group, in the transaction and procured the buyer, Pacific Development Partners.
“The Phoenix MSA continues to be among the fastest-growing metropolitan areas in the nation with a wide range of industries that attract a talented and durable workforce,” says Gebring. “The current and forecasted economic fundamentals are creating a market for pre-stabilized asset sales like Montreux.”
— Katie Sloan