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Distressed Multifamily Asset in Phoenix Sells for $13.67 Million

Distressed Multifamily Asset in Phoenix Sells for $13.67 Million

The Ridge at Sun Valley, a 264-unit distressed multifamily property built in Phoenix in 2004, has sold for $13.67 million, or $51,799 per unit and $53 per sq. ft.

Brokers Cliff David and Steve Gebing of the Phoenix office of Marcus & Millichap Real Estate Investment Services represented the seller, a private lender that had been in possession of the asset after the property went into foreclosure. The buyer was ADC-Ridge at Sun Valley LLC, a San Diego-based firm.

“The national exposure we generated for the property attracted many qualified investors, with more than 35 property tours conducted in less than 30 days,” says Gebing. Details of the deal were announced in a Jan. 6 press release issued by Marcus & Millichap.

Located at 801 North 59th Ave. in Phoenix, the 259,512 sq. ft. property is served by I-10 with connectivity to I-17 and Loop 101, the Aqua Fria Freeway. Constructed of wood frame and stucco, The Ridge at Sun Valley includes 22 residential buildings, a stand-alone rental office and an activity building.

The unit mix features 176 two-bedroom/two-bath apartment homes and 88 three-bedroom/two-bath apartment homes. Apartment interiors are equipped with nine-foot ceilings, full-size washer/dryers, split master bedroom floor plans, oversized walk-in closets and fully equipped kitchens.

Community amenities include controlled access gates, two swimming pools and two spas, two playgrounds, covered parking, outdoor ramadas with built-in barbecues, clubhouse, business center and fitness center.

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