IPA Closes $58.7 Million Sale of Ascend at Black Canyon in North Phoenix

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Summary · why it matters

Institutional Property Advisors, a division of Marcus & Millichap, announced the sale of Ascend at Black Canyon, a 260-unit multifamily property in Phoenix, Arizona, for $58.7 million, or $225,769 per unit. IPA executive managing directors Steve Gebing and Cliff David represented the seller, D.R. Horton, and procured the buyer, Millburn & Company. Gebing said North Phoenix is positioned to generate tens of thousands of high-earning jobs supporting advanced nanometer chip production for companies such as Apple, Sony, Tesla, and Qualcomm, and noted that within a one-mile radius of the property average and median annual household incomes are $163,500 and $138,000. The property sits in Phoenix's Deer Valley urban village near Interstate 17/Black Canyon Freeway, the Sonoran Preserve and the Happy Valley Town Center, close to employers including HonorHealth Sonoran Crossing Medical Center, PetSmart's corporate headquarters, Honeywell Aerospace, Cox Communications and American Express. Completed in 2024 on over 10 acres, Ascend at Black Canyon offers one-, two- and three-bedroom apartments with a resort-style pool, a 24-hour fitness center, two dog parks and a pet washing station.

Impact on assets 9

Artificial Intelligence▲ · 3 stocks
Real Estate▲ · 1 stocks
Marcus & Millichap Inc
MMI
▲ PositiveCapitalrelevance

Marcus & Millichap's IPA division closed a $58.7 million sale of Ascend at Black Canyon, a direct transaction for the firm.

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Consumer Discretionary▲ · 1 stocks
Defense & Geopolitical Fragmentation▲ · 1 stocks
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Electrification & Mobility▲ · 1 stocks

Off-coverage companies 3

Cox CommunicationsPrivate± Mixed
relevance

Millburn & CompanyPrivate± Mixed
relevance

PetSmartPrivate± Mixed
relevance

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