Institutional Property Advisors brokered the sale of Aventura, a 408-unit multifamily asset in Avondale, Arizona. The property sold for $102.5 million, or $251,225 per unit. Avondale is about 15 miles west of Phoenix.

Constructed in 2000 on 18 acres, Aventura is a gated, 19-building garden-style asset with two resort-style swimming pools. The property also has a recently renovated leasing office, a standalone clubhouse, a fitness center, garages, and covered parking. The average unit size is 903 square feet. IPA’s Steve Gebing has more, “Located adjacent to Avondale’s most densely occupied retail and dining intersection, Aventura is supported by the West Valley’s strong multifamily operating fundamentals, including 96% average physical occupancy over the last five years.”

Gebing and Cliff David represented the seller, an institutional investment manager, and procured the buyer, Knightvest Capital.