Park at 33rd, a two-story 224-unit multifamily property in Arizona’s Deer Valley region near Phoenix, recently sold for $41 million or $183,036 per unit. The asset was purchased by SAM Residential Group.  The multifamily asset was completed in 1986, which made it particularly appealing, says executive managing director Cliff David of Institutional Property Advisors (IPA), a division of Marcus & Millichap.

“The limited supply of similar 1980s-built inventory near Park at 33rd and the increasing scarcity of blank canvas interior value-add opportunities presented the buyer with a lot of open road for implementing a renovation program and increasing revenue,” said David.

He and Steve Gebing, also an IPA executive managing director, represented the seller, KA Capital, and procured the buyer.

“The property had been meticulously maintained by the seller throughout their repositioning of the exterior, giving the buyer an ideal springboard for executing an interior renovation plan,” adds Gebing.

Located near the intersection of 35th Avenue and Bell Road, the community is less than one mile from Interstate 17, which connects with the Valley’s busiest highways.