Institutional Property Advisors brokered the sale of Ascend at Black Canyon, a 260-unit multifamily community in Phoenix, Arizona. The property, located in the city’s Deer Valley urban village, changed hands for $58.7 million, equating to $225,769 per unit. DR Horton sold the asset to Millburn & Company. IPA’s Steve Gebing and Cliff David, both executive managing directors of investments, represented the seller and procured the buyer in the transaction.
The community is positioned in North Phoenix, an area that IPA’s Gebing described as being poised for significant job creation tied to advanced nanometer chip production. He noted that the submarket is expected to support tens of thousands of high-earning positions associated with companies such as Apple, Sony, Tesla, and Qualcomm. This employment base forms part of the broader backdrop for multifamily investment in the corridor.
Ascend at Black Canyon was completed in 2024 on more than 10 acres and is designed as a controlled-access property. Community amenities include a resort-style swimming pool, a 24-hour fitness center, two dog parks, and a pet washing station. The unit mix comprises one-, two-, and three-bedroom apartments, each featuring a private patio or balcony, which aligns the project with contemporary renter preferences for outdoor and communal space.
The property benefits from access to the Interstate 17/Black Canyon Freeway, enhancing connectivity to the broader Phoenix area. It is situated near the Sonoran Preserve, offering residents proximity to outdoor recreation, and close to the Happy Valley Town Center open-air shopping mall, providing nearby retail and dining options. These locational attributes place the community within an established residential and commercial node of Deer Valley.
The sale of Ascend at Black Canyon adds to the inventory of recently delivered multifamily assets trading in Phoenix. With a 2024 completion date, a full suite of amenities, and a location in a corridor highlighted for future high-wage employment growth, the transaction illustrates ongoing investor engagement with newer product in North Phoenix. Representation by Institutional Property Advisors and the involvement of both DR Horton and Millburn & Company underscore the participation of nationally active firms in the market.
