{"id":1006048,"date":"2026-09-25T18:36:30","date_gmt":"2026-09-25T22:36:30","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/58-million-multifamily-asset-sale-closed-by-institutional-property-advisors-in-north-phoenix\/"},"modified":"2026-09-25T18:36:30","modified_gmt":"2026-09-25T22:36:30","slug":"58-million-multifamily-asset-sale-closed-by-institutional-property-advisors-in-north-phoenix","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/58-million-multifamily-asset-sale-closed-by-institutional-property-advisors-in-north-phoenix\/","title":{"rendered":"$58 Million Multifamily Asset Sale Closed by Institutional Property Advisors in North Phoenix"},"content":{"rendered":"

<\/p>\n

$58 Million Multifamily Asset Sale Closed by Institutional Property Advisors in North Phoenix<\/b><\/p>\n

PHOENIX–(BUSINESS WIRE<\/a>)–Institutional Property Advisors (IPA)<\/a>, a division of Marcus & Millichap (NYSE:MMI)<\/a> dedicated to serving the company\u2019s institutional clients, announced today the sale of Ascend at Black Canyon, a 260-unit multifamily property in Phoenix, Arizona. The asset traded for $58.7 million, or $225,769 per unit.<\/p>\n

\u201cNorth Phoenix is positioned to generate tens of thousands of high-earning jobs supporting the world\u2019s most advanced nanometer chip production for companies such as Apple, Sony, Tesla, and Qualcomm,\u201d said Steve Gebing, IPA executive managing director investments. \u201cWithin a one-mile radius of Ascend at Black Canyon, average and median annual household incomes are $163,500 and $138,000, respectively.\u201d Gebing and Cliff David, IPA executive managing director investments, represented the seller, D.R. Horton, and procured the buyer, Millburn & Company.<\/p>\n

The property is in Phoenix\u2019s Deer Valley urban village close to Interstate 17\/Black Canyon Freeway, near the Sonoran Preserve and the Happy Valley Town Center open-air shopping mall. Nearby employers include HonorHealth Sonoran Crossing Medical Center, PetSmart\u2019s corporate headquarters, Honeywell Aerospace, Cox Communications, and American Express.<\/p>\n

Completed on over 10 acres in 2024, Ascend at Black Canyon is a controlled-access community with a resort-style swimming pool, 24-hour fitness center, two dog parks and a pet washing station. The unit mix is one-, two- and three-bedroom apartments with stainless-steel appliances, washers and dryers, smart-home technology, dual-pane windows and a private patio or balcony.<\/p>\n

About Institutional Property Advisors (IPA)<\/i><\/strong><\/p>\n

Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA\u2019s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offers customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit <\/i>www.institutionalpropertyadvisors.com<\/i><\/a>.<\/i><\/p>\n

About Marcus & Millichap, Inc. (NYSE: MMI)<\/strong><\/p>\n

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. Marcus & Millichap closed 8,818 transactions with a sales volume of $50.8 billion in 2025. The company had 1,808 investment sales and financing professionals in more than 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate at year end. For additional information, please visit <\/i>www.MarcusMillichap.com<\/i><\/a>.<\/i><\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20260925555703\/en\/<\/a><\/span><\/p>\n

Gina Relva, VP of Public Relations<\/b>
Gina.Relva@MarcusMillichap.com<\/strong><\/a><\/p>\n

KEYWORDS:<\/b> United States North America Arizona<\/p>\n

INDUSTRY KEYWORDS:<\/b> Residential Building & Real Estate Commercial Building & Real Estate Urban Planning Construction & Property<\/p>\n

MEDIA:<\/b><\/p>\n\n\n\n\n
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$58 Million Multifamily Asset Sale Closed by Institutional Property Advisors in North Phoenix PHOENIX–(BUSINESS WIRE)–Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE:MMI) dedicated to serving the company\u2019s institutional clients, announced today the sale of Ascend at Black Canyon, a 260-unit multifamily property in Phoenix, Arizona. The asset traded for $58.7 million, or $225,769 per unit. \u201cNorth Phoenix is positioned to generate tens of thousands of high-earning jobs supporting the world\u2019s most advanced nanometer chip production for companies such as Apple, Sony, Tesla, and Qualcomm,\u201d said Steve Gebing, IPA executive managing director investments. \u201cWithin a one-mile radius of Ascend at Black Canyon, average and median annual household incomes are $163,500 and $138,000, respectively.\u201d Gebing and Cliff David, IPA … <\/p>\n

Continue reading “$58 Million Multifamily Asset Sale Closed by Institutional Property Advisors in North Phoenix”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-1006048","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\n$58 Million Multifamily Asset Sale Closed by Institutional Property Advisors in North Phoenix - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/58-million-multifamily-asset-sale-closed-by-institutional-property-advisors-in-north-phoenix\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"$58 Million Multifamily Asset Sale Closed by Institutional Property Advisors in North Phoenix - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"$58 Million Multifamily Asset Sale Closed by Institutional Property Advisors in North Phoenix PHOENIX–(BUSINESS WIRE)–Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE:MMI) dedicated to serving the company\u2019s institutional clients, announced today the sale of Ascend at Black Canyon, a 260-unit multifamily property in Phoenix, Arizona. The asset traded for $58.7 million, or $225,769 per unit. \u201cNorth Phoenix is positioned to generate tens of thousands of high-earning jobs supporting the world\u2019s most advanced nanometer chip production for companies such as Apple, Sony, Tesla, and Qualcomm,\u201d said Steve Gebing, IPA executive managing director investments. \u201cWithin a one-mile radius of Ascend at Black Canyon, average and median annual household incomes are $163,500 and $138,000, respectively.\u201d Gebing and Cliff David, IPA … Continue reading "$58 Million Multifamily Asset Sale Closed by Institutional Property Advisors in North Phoenix"\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/58-million-multifamily-asset-sale-closed-by-institutional-property-advisors-in-north-phoenix\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2026-09-25T22:36:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&sty=20260925555703r1&sid=flmnd&distro=nx&lang=en\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/58-million-multifamily-asset-sale-closed-by-institutional-property-advisors-in-north-phoenix\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/58-million-multifamily-asset-sale-closed-by-institutional-property-advisors-in-north-phoenix\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"$58 Million Multifamily Asset Sale Closed by Institutional Property Advisors in North Phoenix\",\"datePublished\":\"2026-09-25T22:36:30+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/58-million-multifamily-asset-sale-closed-by-institutional-property-advisors-in-north-phoenix\\\/\"},\"wordCount\":451,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/58-million-multifamily-asset-sale-closed-by-institutional-property-advisors-in-north-phoenix\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&sty=20260925555703r1&sid=flmnd&distro=nx&lang=en\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/58-million-multifamily-asset-sale-closed-by-institutional-property-advisors-in-north-phoenix\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/58-million-multifamily-asset-sale-closed-by-institutional-property-advisors-in-north-phoenix\\\/\",\"name\":\"$58 Million Multifamily Asset Sale Closed by Institutional Property Advisors in North Phoenix - 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