Institutional Property Advisors Closes $58.7 Million Sale of Ascend at Black Canyon in North Phoenix

PHOENIX — Institutional Property Advisors has closed the $58.7 million sale of Ascend at Black Canyon, a 260-unit multifamily community in Phoenix's Deer Valley urban village, the firm announced Sept. 24, 2026. The property, located at 28201 N. Black Canyon Highway, traded at $225,769 per unit from seller D.R. Horton to buyer Millburn & Company.

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

Property and Location Details

Completed in 2024 on more than 10 acres, Ascend at Black Canyon sits near Interstate 17/Black Canyon Freeway in North Phoenix, close to the Sonoran Preserve and the Happy Valley Town Center open-air shopping mall. The controlled-access community offers one-, two- and three-bedroom apartments featuring stainless-steel appliances, in-unit washers and dryers, smart-home technology, dual-pane windows and private patios or balconies.

Community amenities include a resort-style swimming pool, a 24-hour fitness center, two dog parks and a pet-washing station.

Major employers in the surrounding area include HonorHealth Sonoran Crossing Medical Center, PetSmart's corporate headquarters, Honeywell Aerospace, Cox Communications and American Express.

Investment Thesis: High-Income Demographics and Tech Employment Growth

"North Phoenix is positioned to generate tens of thousands of high-earning jobs supporting the world's most advanced nanometer chip production for companies such as Apple, Sony, Tesla, and Qualcomm," said Steve Gebing. "Within a one-mile radius of Ascend at Black Canyon, average and median annual household incomes are $163,500 and $138,000, respectively."

The transaction represents a new-construction trade rather than a value-add acquisition, meaning the buyer is acquiring a recently delivered asset with a modern physical plant. The investment thesis centers on the area's employment growth trajectory and the property's positioning within a high-income corridor.

Market Context

The deal gives Millburn & Company exposure to a recently completed North Phoenix asset at a time when the submarket's investment case is increasingly tied to advanced manufacturing and technology employment. The Deer Valley urban village has attracted institutional capital in part because of its proximity to major corporate campuses and its access to the Interstate 17 corridor.

The transaction comes as Phoenix's multifamily market navigates a period of elevated apartment deliveries and competition from other lease-up communities. Newer properties in high-income, employment-oriented locations have continued to attract institutional buyers. The $225,769 per-unit price reflects the asset's 2024 vintage and its positioning in one of the metro's stronger income demographics.

Institutional Property Advisors is a division of Marcus & Millichap (NYSE: MMI). Marcus & Millichap reported preliminary second-quarter 2026 revenue of $202.9 million, up 17.8% year over year, with brokerage commissions rising 18.1% to $167.0 million and financing fees increasing 15.3% to $30.3 million.

Sources

Institutional Property Advisors — $58.7 Million Multifamily Asset Sale Closed by Institutional Property Advisors in North Phoenix (Sept. 24, 2026)