Built in 1996 on nearly nine acres, Grove Deer Valley, a 208-unit apartment asset in Phoenix, recently sold for $46.75 million, which equates to $224,759 per unit. The private buyer was undisclosed and the seller was a partnership between RedHill Realty Investors and Shelter Asset Management.
“The property is supported by a large and diverse base of professionals working in one of Northwest Phoenix’s densest concentration of employers,” said Cliff David, executive managing director of Institutional Property Advisors, a division of Marcus & Millichap. “The mix of classic and renovated apartment homes plus the opportunity to upsize the renovation scope within the already renovated units presents new ownership with a multi-layered repositioning opportunity.” David and IPA executive managing director Steve Gebing represented the seller and procured the buyer.
The asset is located in the Deer Valley region of North Phoenix, near Loop 101/the Agua Fria Freeway, and the Interstate 17 and Deer Valley employment corridors.
Lisa Brown has more than 30 years of experience in corporate communications and marketing management with organizations including Grubb & Ellis, Marcus & Millichap and NAIOP.
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