Institutional Property Advisors Brokers $47.8 Million Sale of The Astor at Osborn in Midtown Phoenix

PHOENIX, Sept. 30, 2026 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) dedicated to serving the company's institutional clients, announced the sale of The Astor at Osborn, a 191-unit, mid-rise multifamily asset in Phoenix, Arizona. The property sold for $47.8 million, or $250,262 per unit.

Steve Gebing and Cliff David, both executive managing directors of investments at Institutional Property Advisors, represented the seller and procured the buyer.

Transaction Details for The Astor at Osborn

The Astor at Osborn is located in Midtown Phoenix. The property was completed in 2019 and comprises 191 units in a mid-rise configuration. The $47.8 million sale price equates to $250,262 per unit.

Gebing and David acted on behalf of the seller and also procured the buyer in the transaction.

Comments From Steve Gebing

"One of only two multifamily properties delivered along 7th Avenue since 1985, The Astor at Osborn benefits from a meaningful rent vs. own affordability gap," said Gebing, executive managing director investments at Institutional Property Advisors. "Within a one-mile radius, rents are 48% below the cost of homeownership."

Location and Employment Access in Midtown Phoenix

The property has direct access to 171,000 employees within Midtown and Downtown Phoenix's Innovation Corridor. Employers in the corridor include Dignity Health, Banner Health, UnitedHealth Group and Freeport McMoRan.

The Park Central Innovation Hub is nearby, and IBM, U-Haul International and CopperPoint Insurance Companies are within proximity. Shopping is available at the Uptown Plaza open-air shopping center, and the Phoenix Country Club is within a short drive.

Property Features and Unit Mix

The Astor at Osborn offers garage parking, a resort-style swimming pool, a fitness center, a club room and outdoor grilling stations. The unit mix ranges from studios to one-, two- and three-bedroom apartments.

Units feature nine- and 10-foot ceilings, pantries, stainless-steel appliances and custom cabinetry.

About Institutional Property Advisors

Institutional Property Advisors is a division of Marcus & Millichap (NYSE: MMI), a commercial real estate services firm in North America. IPA combines real estate investment and capital markets expertise, technology and research to provide customized solutions for the acquisition, disposition and financing of institutional properties and portfolios.

Sources

Institutional Property Advisors press release, Sept. 30, 2026: https://www.institutionalpropertyadvisors.com/news-events/2026/09/47-million-multifamily-asset-sale-in-midtown-phoenix-brokered-by-institutional-property-advisors