PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of The Grove Deer Valley, a multifamily property located in Phoenix. A private buyer acquired the community from a partnership between RedHill Realty Investors and Shelter Asset Management for $46.7 million, or $224,759 per unit.
Built in 1996 on nine acres, The Grove Deer Valley features 208 apartments in a mix of one-, two- and three-bedroom layouts. All units offer full-size washers/dryers, walk-in closets and private patios or balconies with extra outside storage. Community amenities include controlled access gated entry, a fitness center, resort-inspired swimming pool, entertainment area with gas barbecue grills and fire pit, a locker system for packages and community dog park.
Cliff David and Steve Gebing of IPA represented the seller and procured the buyer in the deal.