PHOENIX, Arizona – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Willowood Square and Paradise Place, two neighboring apartment properties located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the assets sold for $3,590,000 and $6,555,000, respectively.
“Located in a rapidly improving North Phoenix submarket with immediate access to major retail, the 51-South Freeway and Paradise Valley to its east, Willowood Square and Paradise Place are poised for sustained rental growth,” said Paul Bay, vice president investments in Marcus & Millichap’s Phoenix office. “They are also prime candidates for programmatic interior renovations.” Bay alongside Darrell Moffitt, senior vice president investments, procured the buyer, a private investor in the transaction. The assets were sold by two separate owners and purchased by the same buyer.
Willowood Square is located at 16801 North 31st Street and Paradise Place is at 16625-16645 North 31st Street in Phoenix, Arizona. Willowood Square was built in 1985 and has 28 units comprised of 18 two-bedroom/one-bathroom units and ten one-bedroom/one-bathroom units. Eight of the units had been renovated at the time of sale. Paradise Place was built in 1984 and has 57 units comprised of 40 two-bedroom/one-bathroom units and 17 one-bedroom/one-bathroom units.