PHOENIX, September 25, 2026--(BUSINESS WIRE)--Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE:MMI) dedicated to serving the company's institutional clients, announced today the sale of Ascend at Black Canyon, a 260-unit multifamily property in Phoenix, Arizona. The asset traded for $58.7 million, or $225,769 per unit. "North Phoenix is positioned to generate tens of thousands of high-earning jobs supporting the world's most advanced nanometer chip production for companies such as Apple, Sony, Tesla, and Qualcomm," said Steve Gebing, IPA executive managing director investments. "Within a one-mile radius of Ascend at Black Canyon, average and median annual household incomes are $163,500 and $138,000, respectively.
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