Phoenix-Area Asset Changes Hands for $61M

The transaction involved a $34.2 million Fannie Mae loan.

Cabana Encanto

Cabana Encanto traded for $354 per square foot. Image courtesy of Yardi Matrix

A joint venture between Ascent Equity Group and Sunrise Multifamily has acquired Cabana Encanto, a 286-unit multifamily community in Goodyear, Ariz., for $61 million. The seller was Greenlight Communities. The transaction involved a $34.2 million Fannie Mae loan originated by Manufacturers and Traders Trust Co., according to Yardi Matrix data. Institutional Property Advisors, a division of Marcus & Millichap, brokered the deal.

Completed in 2022 on 8.8 acres, the community comprises five three-story buildings incorporating studio, one- and two-bedroom floorplans which range from 468 to 828 square feet. Common-area amenities include a fitness center, a swimming pool, two laundry facilities, a hammock garden and a coworking lounge.

Located at 2323 N. 150th Drive, Cabana Encanto is within the 9,000-acre Palm Valley master-planned community. The property is near Interstate 10 and roughly 21 miles from downtown Phoenix, close to numerous retail and entertainment options, as well as to the Eagle’s Nest golf club.

IPA Executive Managing Directors Steve Gebing and Cliff David represented the seller and procured the buyer. In prepared remarks, Gebing mentioned that in Goodyear the number of households has grown by 46 percent since 2010, facilitating great demand for multifamily properties. Earlier this year, the same brokerage duo arranged the $41.6 million sale of a 193-unit community in Scottsdale, Ariz.

You May Also Like