PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Level at Sixteenth, a mid-rise multifamily property in Phoenix’s urban core. An affiliate of Abacus Capital Group sold the asset to Sares Regis Group for $69.1 million, or $287,917 per unit.
Converted from a retail center to a multifamily community in 2010, Level at Sixteenth features 240 apartments with nine-foot ceilings, private laundry areas and walk-in showers. The community also features a leasing office clubhouse with resident lounge, fireplace, demonstration kitchen, eight-foot multimedia video wall and billiards table.
Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the deal.