Millburn & Company Acquires 260-unit Phoenix Apartment Community For $58.7 Million
Millburn & Company has acquired Ascend at Black Canyon, a 260-unit multifamily community in North Phoenix, for $58.7 million, or $225,769 per unit.
Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, D.R. Horton, and procured the buyer. IPA Executive Managing Directors Steve Gebing and Cliff David handled the transaction.
Completed in 2024, Ascend at Black Canyon is located on more than 10 acres in Phoenix’s Deer Valley urban village, near Interstate 17, the Sonoran Preserve and Happy Valley Town Center.
The property is also near major employers including HonorHealth Sonoran Crossing Medical Center, PetSmart, Honeywell Aerospace, Cox Communications and American Express.
“North Phoenix is positioned to generate tens of thousands of high-earning jobs supporting the world’s most advanced nanometer chip production for companies such as Apple, Sony, Tesla, and Qualcomm,” Gebing said.
Ascend at Black Canyon offers one-, two- and three-bedroom apartments with stainless-steel appliances, washers and dryers, smart-home technology, dual-pane windows and private patios or balconies.
Community amenities include a resort-style swimming pool, 24-hour fitness center, two dog parks and a pet washing station.
The post Millburn & Company Acquires 260-Unit Phoenix Apartment Community for $58.7 Million appeared first on citybiz.
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