Phoenix & Southwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Accolade is One of Arizona’s Top Five Largest Multifamily Sales
Accolade, a 548-unit multifamily asset in Phoenix, recently sold for $155 million or $282,847 per unit. The transaction is one of the top five largest multifamily sales on record in Arizona by total purchase price.
Institutional Property Advisors’ (IPA) Steve Gebing and Cliff David represented the seller, Weidner Apartment Homes, and procured the buyer, Knightvest Capital.
“Accolade’s strategic North Phoenix location offers a diverse employment base in a high-barrier-to-entry submarket,” said Gebing. “With only four multifamily properties constructed since 2010 within a three-mile radius, Accolade is primed for a common area and apartment interior renovation program.”
Located near the intersection of Bell Road and Central Avenue, Accolade was constructed in 1984 on 28 acres. Accolade’s community amenities include four swimming pools and two spas. Units have full-size washers and dryers, walk-in closets, and private patios or balconies. The average unit size is 856 square feet.
IPA is a division of Marcus & Millichap.
- ◦Sale/Acquisition
