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Montreux in Phoenix’s Desert Ridge Community Goes for $117M
Montreux, a 335-unit mid-rise apartment asset in the Desert Ridge master-planned community of Phoenix, recently sold for $117 million, which represents $349,254 per unit. The buyer was Pacific Development Partners.
Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller, The Statesman Group, and procured the buyer.
“The Phoenix MSA continues to be among the fastest-growing metropolitan areas in the nation with a wide range of industries that attract a talented and durable workforce,” said Steve Gebing, IPA executive managing director. “The current and forecasted economic fundamentals are creating a market for pre-stabilized asset sales like Montreux.”
Completed in 2020, the property is close to Loop 101, State Route 51 and Interstate 17, three of the most traveled freeways in Arizona. Nearby employers include Sprouts Farmers Market’s corporate headquarters, American Express, Vanguard, Nationwide, Axon and the Mayo Clinic Hospital.
“The property is supported by strong demographics within a one-mile radius that include average household incomes of $138,500 and median household incomes of $97,500,” adds Cliff David, IPA executive managing director.
- ◦Acquisition
