$47.8 Million Multifamily Asset Sale in Midtown Phoenix Brokered by Institutional Property Advisors

PHOENIX, (Oct. 1, 2026) – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) dedicated to serving the company’s institutional clients, announced today the sale of The Astor at Osborn, a 191-unit, mid-rise multifamily asset in Phoenix, Arizona. The property sold for $47.8 million, or $250,262 per unit.

“One of only two multifamily properties delivered along 7th Avenue since 1985, The Astor at Osborn benefits from a meaningful rent vs. own affordability gap,” said Steve Gebing, IPA executive managing director investments.” Within a one-mile radius, rents are 48% below the cost of homeownership.” Gebing and Cliff David, IPA executive managing director investments, represented the seller and procured the buyer.

The property has direct access to 171,000 employees within Midtown and Downtown Phoenix’s Innovation Corridor, which is populated by industry leading companies, including Dignity Health, Banner Health, UnitedHealth Group, and Freeport McMoRan. The Park Central Innovation Hub is nearby and IBM, U-Haul International, and CopperPoint Insurance Companies are within proximity. Shopping is nearby at the Uptown Plaza open-air shopping center, and the Phoenix Country Club is within a short drive.

Completed in 2019, The Astor at Osborn has garage parking, a resort-style swimming pool, fitness center, club room, and outdoor grilling stations. The unit mix ranges from studios to one-, two- and three-bedroom apartments. Units have nine- and 10-foot ceilings, pantries, stainless-steel appliances, and custom cabinetry.