Institutional Property Advisors, a division of Marcus & Millichap, announced the sale of Parc Roundtree Ranch, a 275-unit, newly constructed multifamily community on the northeast corner of 83rd and Olive avenues in Peoria.
The property sold for $88.8 million, or $322,909 per unit.
“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,” said Steve Gebing, IPA executive managing director. “With approximately 80% of greater Phoenix’s future industrial growth projected to be in the West Valley, the region is Arizona’s next frontier of economic maturation.”
Gebing and IPA executive managing director Cliff David represented the seller, Evergreen Devco Inc. and procured the buyer, Bridge Investment Group, according to a news release.
Completed in 2021, the property is northeast of the Westgate Entertainment District. Proximity to Loop 101 freeway and U.S. 60 provides residents access to the Southwest Valley industrial sector, as well as midtown and downtown Phoenix employment corridors. There are about 7,300 businesses within a 10-mile radius of the property, the release said.
Apartment interiors at Parc Roundtree Ranch have 9-foot or taller ceilings and high-capacity washers and dryers.
The average unit size is 929 square feet. Community amenities include a resort-style swimming pool and spa, open-air eating areas with gas barbecue grilling stations, private one-car garages and covered parking.