Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Desert Club, a 497-unit multifamily asset in Phoenix, Arizona. The property sold for $187.5 million, or $377,264 per unit. The transaction is the largest single asset multifamily sale in Arizona in over two years and one of the ten largest single asset multifamily sales in the United States year-to-date.

“Unprecedented, 20-year consecutive institutional ownership is a testament to Desert Club’s differentiated physical attributes and the unrivaled appeal of North Scottsdale, Arizona’s most sought-after submarket,” said Steve Gebing, IPA executive managing director. “The setting offers immediate accessibility to two of the nation’s finest open-air retail centers, Scottsdale Quarter and Kierland Commons, featuring hundreds of high-end tenants that cater to a market-leading demographic base with average and median annual household incomes of $157,000 and $109,000, respectively.” Gebing and IPA executive managing director Cliff David represented the seller, Clarion Partners, and procured the buyer, Weidner Apartment Homes.

The Kierland Corridor and Scottsdale Airpark, which form one of Arizona’s largest employment concentrations, are nearby. The area is home to companies such as Mayo Clinic, Vanguard Group, Nationwide Insurance, and American Express.

Built in 2004 on 21 acres, Desert Club is a garden-style multifamily asset with a heated, resort-style swimming pool and spa. Apartments have open-concept floorplans, nine-foot ceilings and arched entryways. The average unit size is 983 square feet.