Parkmeed Pays $42M for Ashton Pointe

Parkmeed Properties has acquired the 314-unit Ashton Pointe apartment complex at 12175 W. McDowell Rd. in Avondale, AZ. Parkmeed paid $42.5 million to seller P.B. Bell for the property.

While being fairly close to Phoenix, Ashton Pointe is also near the 1-million-square-foot Coldwater Depot Logistics Center, as well as the 8-million-square-foot Westgate Entertainment District.

The latter is home to the University of Phoenix Stadium (where the National Football League’s Arizona Cardinals play), and Gila River Arena, home to the National Hockey League’s Arizona Coyotes.

Steve Gebing and Cliff David with IPA Property Advisors (IPA)/Marcus & Millichap brokered the transaction between buyer and seller.