Dealmaker: IPA Closes $61M Multifamily Sale in Phoenix Area

(Cabana Ancanto photo courtesy of Institutional Property Advisors)

Institutional Property Advisors, Calabasas, Calif., sold Cabana Encanto, a 286-unit attainable housing asset in Pheonix suburb Goodyear, Ariz.

The $61 million sale price represented $213,287 per unit.

IPA Executive Managing Director Steve Gebing noted the number of households in Goodyear has increased by 46% since 2010. Gebing and IPA Executive Managing Director Cliff David represented seller Greenlight Communities and procured the buyer, a partnership between Sunrise Multifamily and Ascent Equity Group.

“Characterized by smart-sized apartment homes and well-appointed community spaces, Cabana Encanto gives middle-income professionals an attainable housing option in Phoenix’s growing West Valley,” Gebing said.  

Located within the 9,000-acre Palm Valley master-planned community, Cabana Encanto is within walking distance from Goodyear Civic Square at GSQ, an award-winning multi-use development. There are more than 350,000 working professionals within a 30-minute drive. Luke Airforce Base, The Wigwam Resort, Phoenix Raceway, and Westgate Entertainment District shopping complex are nearby.

Completed in 2022 on 8.8 acres, Cabana Encanto’s apartment homes have nine-foot ceilings, eight-foot keyless entry doors and a front porch or patio. Outdoor amenities include a resort-style swimming pool, barbecue grilling stations, multipurpose event lawn and Zen gardens.