Institutional Property Advisors, a division of Marcus & Millichap, announced Dec. 18 the sale of Hampton Meridian, a 195-unit build-to-rent property in Apache Junction. The asset sold for $56.5 million.
“Hampton Meridian offers high-quality homes with luxury interiors and amenitized community spaces in a low-density neighborhood setting,” Steve Gebing, IPA executive managing director, said in a release. “Millennials and empty nesters have shown a preference for BTR living as they seek to accommodate different lifestyle milestones at a time when home values across greater Phoenix have increased substantially.”
Gebing and Cliff David, IPA executive managing director, represented the seller and procured the buyer.
Completed in 2023 on 16 acres, Hampton Meridian is a controlled-access community with a resort-style swimming pool, spa and 24-hour fitness center. Paved walking trails lead through desert-landscaped courtyards with a kitchen, barbecue grilling stations, fireside lounge and cabanas.