PHOENIX—Institutional Property Advisors, a division of Marcus & Millichap, has arranged the sale of Level at Sixteenth, a 240-unit apartment complex located on more than four acres at 1550 E. Campbell Ave. in Phoenix. The terms of sale were not released.
The seller, Cornerstone Real Estate Advisers, on behalf of a Cornerstone-managed fund, was advised by IPA senior director Steve Gebing and Marcus & Millichap vice president investments Cliff David.
Gebing tells GlobeSt.com, “Level at Sixteenth enjoys an enviable position within the urban core of Greater Phoenix, located strategically between the Camelback Corridor, the city's premiere destination for high-income wage earners, and the nearby Central Avenue Office Corridor, connecting the Uptown/Midtown office corridor with downtown Phoenix, a region boasting the highest concentration of employment in the state.
“Level at Sixteenth was developed by Alliance Residential Co. in 2010 on a site previously occupied by a 1950s-era strip mall, marking a new era of redevelopment that has transformed the area,” continues Gebing.
Level at Sixteenth offers 20 floor plans and studio, one- and two-bedroom apartment homes. Interiors feature mountain or downtown city views, wood-style flooring throughout kitchen, bath, living and dining rooms, and deluxe appliance packages. Private laundry quarters are also featured in each home, along with multi-media access pre-wiring throughout. Select apartment homes also have private enclosed sunrooms with French doors, spiral staircases to open lofts with 18-foot ceilings, exposed duct work and soaking tubs.
Community amenities include gated controlled access entry, a clubhouse with lounge and kitchen, a two-story, athletic center with virtual personal training programs, outdoor ramada lounge with Wi-Fi connectivity, 100-inch multi-media video wall and billiard table, resort-inspired pool and Jacuzzi with water feature and temperature-controlled interior corridors. There is also a reserved underground parking garage and 56 private attached garages.
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