Institutional Property Advisors Closes Sale of 275-Unit Class A Multifamily Property in Peoria, Arizona
Institutional Property Advisors, a division of Marcus & Millichap (NYSE: MMI), has closed the sale of Parc Roundtree Ranch, a 275-unit, Class A multifamily property in Peoria, Arizona, the firm announced Aug. 10, 2026.
Steve Gebing, IPA executive managing director investments, and Cliff David, IPA executive managing director investments, represented the seller and procured the buyer in the transaction. Sale price, cap rate, price per unit, and buyer and seller identities were not disclosed.
Property Overview and Location
Parc Roundtree Ranch is a gated, garden-style community completed in 2021 on more than 10 acres. The property is situated between Loop 101 and U.S. Route 60/Grand Avenue, a short drive from Downtown Peoria. The average unit size is 929 square feet.
Community amenities include a resort-style swimming pool and spa, fitness center, pet spa, and outdoor grilling areas. Individual apartments feature nine-foot ceilings, private patios or balconies with exterior storage, walk-in closets, and full-size washers and dryers.
"Located in the West Valley's most affluent municipality and emerging high-tech employment corridor, Parc Roundtree Ranch is distinguished by its low-density, amenity-rich site plan and open-concept, larger-than-average residences," Gebing said.
Employment Corridor Access Underpins Asset Value
The property's location provides commuting access to the Southwest Valley Industrial and Loop 303 corridors, where major employers including Amazon, Microsoft, Sub-Zero, PepsiCo, and Williams-Sonoma operate facilities. The Westgate Entertainment District in Glendale, offering shopping, dining, and entertainment, is approximately a 10-minute drive from the property.
The proximity to large-scale employment nodes in logistics, technology, and consumer goods is central to the property's demand profile. Newer suburban multifamily assets with direct access to major employment corridors have continued to attract institutional buyer interest, even as the broader apartment sector navigates elevated financing costs and an influx of new supply in many Sun Belt markets.
Market Context: Suburban Phoenix Multifamily
The Peoria transaction reflects a broader pattern in institutional multifamily investment, where owners have moved to monetize newer, amenity-rich assets in suburban submarkets supported by employment growth. A 2021-vintage property carries relatively limited near-term capital expenditure risk compared with older apartment stock, a characteristic that has continued to attract institutional buyers seeking operating stability.
Phoenix remains a closely watched apartment market where investor attention is shaped by the balance between new supply and long-term demand driven by job growth and population in-migration. Newer suburban communities positioned near established employment nodes have remained among the more liquid asset types in that environment.
Multifamily renovation and repositioning activity is expected to be a significant theme across commercial real estate in the coming years, with overall U.S. renovation spending projected to rise from approximately $300 billion in early 2024 to $500 billion by 2030. For newer assets like Parc Roundtree Ranch, the lower near-term renovation burden relative to older stock is a distinguishing factor in the current transaction market.
About the Firms
Institutional Property Advisors is a division of Marcus & Millichap focused on serving institutional clients through investment sales, capital markets, and financing of institutional properties and portfolios. Marcus & Millichap is a commercial real estate services firm traded on the New York Stock Exchange under the ticker MMI.