IPA Arranges Sale of Parc Roundtree Ranch Apartments in Metro Phoenix for $88.8M
PEORIA, ARIZ. — Institutional Property Advisors has arranged the sale of Parc Roundtree Ranch, a 275-unit apartment property in Peoria, approximately 13 miles north of Phoenix. The property sold for $88.8 million, or $322,909 per unit. Gebing and Cliff David of IPA represented the seller, Evergreen Devco Inc., and procured the buyer, Bridge Investment Group.
Completed in 2021, Parc Roundtree Ranch is located northeast of the Westgate Entertainment District, a mixed-use development in Glendale with more than 20 restaurants, retailers and entertainment venues including Yard House, Saddle Ranch, Buffalo Wild Wings and a 20-screen AMC movie theater. The Westgate district is anchored by Gila River Arena, which is the home to the National Hockey League’s Arizona Coyotes.
Additionally, the apartment property is located next to Roundtree Park, a public community park with grills, a picnic area, a playground and a soccer field.
The apartment community is close to the Loop 101 freeway and U.S. 60, and has access to employment hot spots such as Southwest Valley, Midtown and downtown Phoenix. Additionally, there are approximately 7,300 businesses within a 10-mile radius of the property.
“The West Valley’s combination of durable jobs and growth in the distribution and industrial sectors has provided an economic foundation for rapid appreciation in the housing market,” says Steve Gebing, executive managing director of IPA. “With approximately 80 percent of Greater Phoenix’s future industrial growth projected to be in the West Valley, the region is Arizona’s next frontier of economic maturation.”
Parc Roundtree Ranch’s apartment interiors include 9-foot or taller ceilings, granite countertops, wood plank-style flooring, stainless steel appliances, walk-in closets and washers and dryers. The community offers one-, two- and three-bedroom apartments with an average unit size of 929 square feet. Community amenities in the gated property includes a swimming pool and spa, open-air eating areas with gas barbecue grilling stations, dog park, private one-car garages and covered parking.
IPA, a division of Marcus & Millichap, is a commercial real estate services firm. Bridge Investment Group is a Salt Lake City-based real estate investment management firm. Evergreen Devco Inc. is a Denver-based retail and multifamily development company. Evergreen is currently involved in the development of more than 60 retail and apartment projects and has completed more than 600 projects.
— Julia Sanders