Phoenix & Southwest + Phoenix + Apartments | June 25, 2021

Level at Sixteenth Goes to Sares Regis for $69M

Level at Sixteenth, a 240-unit midrise apartment community in the Phoenix urban core, recently traded at $69.1 million or $287,917 per unit. The buyer was Sares Regis Group.

Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, an affiliate of Abacus Capital Group, and procured the buyer.

“Transformed from an obsolete 1950s-vintage retail center into a luxury multifamily community in 2010, Level at Sixteenth is a modern podium-constructed asset with a recognizable value-add opportunity,” said Gebing. “The scarcity of developable land in the area supports investment by providing shelter from future multifamily competition.”

The property is south of the intersection of 16th Street and Camelback Road, immediately adjacent to State Route 51, giving residents direct access to Phoenix’s Biltmore, Midtown and downtown neighborhoods. The Camelback Corridor is home to 46,000 jobs and 865 businesses. Creighton University School of Medicine, Uptown Plaza, Camelback Colonnade and The Shops at Town & Country are 2 miles away.

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Steve Gebing

About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.

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