Multifamily Located Near Logistics Gets Noticed by Investor

Apartments at Ashton Pointe have abundant community amenities.

AVONDALE, AZ—Multifamily properties are in constant need to support employees’ living requirements, especially in an area with close proximity to logistics facilities and entertainment/dining attractions. An example of that type of demand-serving multifamily asset is 314-unit Apartments at Ashton Pointe . It recently sold for a robust $42.5 million, a sales price that equates to more than $135,000 per unit. The seller was the P.B. Bell Companies and the buyer was Parkmeed Properties . The community is located at 12175 West McDowell Road, less than one mile north of the approximately 1 million-square-foot Coldwater Depot Logistics Center , which houses major distribution sites for specialty retailer Conn Appliances Inc. and SanMar Corp ., which is the exclusive distributor of Nike Golf, Ogio International, Eddie Bauer, Red Kap, Bulwark and New Era . The Westgate Entertainment District , roughly eight miles northeast of Ashton Pointe, encompasses approximately 8 million square feet of interactive shopping, dining and entertainment experiences, including the University of Phoenix stadium, home of the National Football League’s Arizona Cardinals , and Gila River Arena , home of the National Hockey League’s Arizona Coyotes . Institutional Property Advisors’ senior director Steve Gebing and Marcus & Millichap first vice president investments Cliff David represented the seller and procured the buyer. “Located adjacent to Phoenix in the southwest Valley, Ashton Pointe is situated within an area that has more than 89 million square feet of industrial and distribution space, a flourishing workforce and a high-median-income-level population,” says Gebing. Apartments at Ashton Pointe feature one-, two- and three-bedroom floor plans with 9-foot ceilings, track lighting, private laundry quarters, cultured-marble bath vanities, soaking tubs, private patios or balconies and well-appointed kitchens with glass cooktop stoves. Select units feature tech centers. Community amenities include controlled access gated entry, reserved covered parking, detached garages, a clubhouse, an athletic center, outdoor lounge with Wi-Fi connectivity, two pools and spas, a putting green and a puppy play area. Gebing tells GlobeSt.com: “Ashton Pointe is an opulent multifamily asset that was developed in 2010 by P. B. Bell, an award-winning multifamily development company. The property’s premier interior appointments and abundant community amenities deliver a comfortable living experience to renters who seek luxuries of the highest quality.”