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N. Phoenix Apartment Rental Sells for $80M
A 292-multifamily asset in Phoenix sold for $79.25 million or $271,404 per unit. The property, Cabana Happy Valley, is in North Phoenix near the Dear Valley and I-17 interchange. It’s just miles away from the $40 billion Taiwan Semiconductor campus.
While the median income in the area is relatively high, so are home prices. IPA’s Steve Gebing headed a team that represented the seller. He added that the project filled a need for nearby residents, “While average annual household income in the Cabana Happy Valley zip code is $141,800, the median price of a single-family home is over $570,000.”
Completed in 2023 on nine acres, Cabana Happy Valley has a two-story clubhouse, fitness center, lounge, and coworking space. Additional community amenities include a swimming pool, car charging stations, bike storage, a mail room and covered parking.
- ◦Sale/Acquisition
