Ideal Capital Group has purchased Cabana Happy Valley, a 292-unit class A multifamily property in Phoenix. Greenlight Communities sold the asset for $79.2 million, or $271,404 per unit. Institutional Property Advisors represented the seller, also procuring the buyer. CBRE Capital Advisors originated a $43.6 million Freddie Mac acquisition loan, with a 2033 maturity date, according to Yardi Matrix.
Completed this year, Cabana Happy Valley encompasses four buildings with studio, one- and two-bedroom floorplans that range between 468 and 828 square feet, offering in-unit washers and dryers, as well as digital locks. Common-area amenities include a clubhouse, lounge, coworking space and swimming pool. The property also provides car charging stations and bike storage.
Located at 24825 N. 19th Ave., the community is 3 miles from Phoenix Deer Valley Airport, very close to Interstate 17. In addition, Cabana Happy Valley is in the vicinity of employers such as Farmers Insurance, USAA and Wells Fargo, also being within 1 mile of two large retail centers, the Shops at Norterra and Happy Valley Towne Center.
The IPA team that closed the deal included Executive Managing Directors Steve Gebing and David Cliff. The same brokerage team also recently facilitated another multifamily purchase in metro Phoenix, in Gilbert, Ariz., representing The Wolff Co. in a $112 million transaction.
