Home / Business and Economy / Phoenix Multifamily Asset Soars to $58.7M
Phoenix Multifamily Asset Soars to $58.7M
26 Sep
Summary
- A 260-unit multifamily property in Phoenix sold for $58.7 million.
- The property, Ascend at Black Canyon, was built in 2024.
- High incomes in North Phoenix drive apartment demand.
A significant multifamily asset in Phoenix, Arizona, has changed hands for $58.7 million. The property, Ascend at Black Canyon, features 260 units and was developed in 2024 on over 10 acres. Its sale price averaged $225,769 per unit, reflecting strong investor interest in the North Phoenix market.
The area surrounding Ascend at Black Canyon is experiencing substantial economic growth, driven by the expansion of advanced chip production facilities. This has led to the creation of numerous high-paying jobs, with average and median household incomes reported at $163,500 and $138,000, respectively. Proximity to major freeways and shopping centers, along with nearby employers, further enhances the location's appeal.
Ascend at Black Canyon offers residents a controlled-access community with resort-style amenities, including a swimming pool and fitness center. The apartment units feature one, two, and three bedrooms, equipped with modern appliances, in-unit laundry, and smart-home technology. The sale was facilitated by Institutional Property Advisors, a division of Marcus & Millichap.
