TA Realty Buys Phoenix Community for $62M
IPA brokered the transaction.
Image courtesy of Institutional Property Advisors
TA Realty has acquired Level at Sixteenth, a 240-unit luxury apartment community in Phoenix, according to Yardi Matrix information. Sares Regis Group sold the asset for $61.5 million, or $256,250 per unit.
Executive Managing Directors Steve Gebing and Cliff David with Institutional Property Advisors brokered the deal on behalf of the seller and procured the buyer.
Level at Sixteenth had been under the previous ownership since 2021, when the company acquired the asset from Abacus Capital Group for $69.1 million. Over the past four years, Sares Regis has completed capital improvements to the shared amenities, as well as to all unit interiors.
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Phoenix recorded $1.8 billion in multifamily investment sales in the first six months of 2025, Yardi Matrix data shows. A total of 32 properties changed hands at an average price of $275,902 per unit. Last year, the metro recorded $3.6 billion in transactions, with 68 assets changing hands at an average per unit price of $271,145.
Earlier this month, Knightvest Capital acquired Avana Desert View, a 412-unit apartment community located in Scottsdale, Ariz. The new owner plans to upgrade the property, which was built nearly 30 years ago.
Luxury community near downtown Phoenix
Level at Sixteenth came online in 2010 at 1550 E. Campbell Ave. The 4-acre community comprises nine buildings rising one, two, four and five stories high. The units have studio, one- and two-bedroom configurations, ranging from 638 to 1,143 square feet. Amenities include a resort-style swimming pool with spa, two-story fitness center and parking garage.
Part of the fully built-out Biltmore neighborhood, the community is near the intersection of 16th Street and Campbell Avenue and has access to Arizona State Route 51. Phoenix Indian Medical Center, as well as the Whole Foods Market and Trader Joe’s-anchored The Shops at Town & Country retail center are within 1 mile of the property. Downtown Phoenix and Phoenix Sky Harbor International Airport are both some 6 miles away.
