**Level at Sixteenth Multifamily Property Sells for $61.5 Million in Phoenix**
Institutional Property Advisors (IPA) has announced the sale of Level at Sixteenth, a 240-unit midrise multifamily community located in Phoenix’s upscale Biltmore neighborhood. The property was sold for $61.5 million, equating to approximately $256,250 per unit.
The seller, Sares Regis Multifamily Investment Management, was represented by IPA’s Steve Gebing and Cliff David, who also procured the buyer.
Situated at the intersection of 16th Street and Campbell Avenue, the property enjoys a prime location close to Camelback Road and Arizona State Route 51. Residents benefit from proximity to major destinations such as the Arizona Biltmore, The Phoenician resort, The Shops at Town & Country, and Scottsdale Fashion Square.
Constructed in 2010 on a four-acre site, Level at Sixteenth offers a range of upscale amenities. These include temperature-controlled interior corridors, a resort-style swimming pool and spa, a two-story fitness center, and a secured parking garage. The apartment units feature modern finishes such as stainless steel appliances and oversized walk-in closets. The average unit size is 794 square feet.
This transaction underscores continued investor interest in high-quality multifamily assets in well-located submarkets throughout the Phoenix metro area.
