Alta Park Goes for $30M

PHOENIX— Institutional Property Advisors, a multifamily brokerage division of Marcus & Millichap, has arranged the sale of Alta Park West, a 260-unit, 252,643-square-foot luxury apartment community in Peoria. The $30.05 million sales price equates to $115,500 per unit.

Situated at 9680 West Northern Ave. in Peoria, Alta Park West is located at the northwestern corner of Loop 101 and Northern Avenue with approximately 1,200 linear feet of drive-by visibility from an estimated 108,000 daily freeway commuters. The location provides immediate access to Westgate Entertainment District, a destination encompassing approximately eight million square feet of shopping, dining, and entertainment. The property is near a number of prominent employers, including a heavy concentration within the healthcare sector such as Banner Estrella Medical Center, Banner Thunderbird Medical Center, Arrowhead Hospital and the currently under development St. Joseph’s Westgate Medical Center, a 35-acre medical campus. Other notable employers include Luke Air Force Base and Honeywell International Inc.