North Phoenix Apartments Sell for $131.1M

Venture partners Rockpoint and Related spun off the Town Deer Valley, a 388-unit multifamily asset in Phoenix. The property sold for $131.1 million, which represents $337,887 per unit. Goodman Real Estate was the buyer. Cliff David and Steve Gebing of IInstitutional Property Advisors represented the seller and procured the buyer.

“Town Deer Valley is perfectly positioned to capitalize on the unprecedented economic activity driven by Taiwan Semiconductor Manufacturing Company’s $65 billion chip manufacturing facility,” said IPA’S Cliff David.

Completed in 2024 on 18 acres, Town Deer Valley has amenities that include a 5,900-square-foot clubhouse with arts and crafts room, poker room, and La Galere sundry shop. The fitness center features 3,800 square feet of space in a standalone building and a swimming pool. The average unit size is 1,004 square feet.

April 10^th: Early Bird Registration is Open! Join Phoenix & Scottsdale’s most active multi-housing dealmakers and decision-makers at The Westin Kierland Resort on April 10th. Take advantage of the discounted early bird registration rate while it lasts and be there in person to learn what the industry’s foremost experts forecast 2025 will bring to dealmaking, investment, development, management, financing, and more in the region! Connect Phoenix Multifamily, SFR & BTR | Thursday, April 10 at The Westin Kierland Resort & Spa, Scottsdale, AZ.