PHOENIX—Institutional Property Advisors, adivision of Marcus & Millichap, has arrangedthe sale of Level at Sixteenth, a 240-unit apartment complexlocated on more than four acres at 1550 E. Campbell Ave. inPhoenix. The terms of sale were not released.
The seller, Cornerstone Real Estate Advisers,on behalf of a Cornerstone-managed fund, was advised by IPA seniordirector Steve Gebing and Marcus & Millichapvice president investments Cliff David.
Gebing tells GlobeSt.com, “Level at Sixteenthenjoys an enviable position within the urban core of GreaterPhoenix, located strategically between the Camelback Corridor, thecity's premiere destination for high-income wage earners, and thenearby Central Avenue Office Corridor, connecting theUptown/Midtown office corridor with downtown Phoenix, a regionboasting the highest concentration of employment in the state.
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