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 Majestic Palms, a 24-unit apartment property located in Phoenix, AZ, according to Ryan Sarbinoff, regional manager of the firm’s Phoenix office. The asset sold for $3,175,000 ($132,292 per unit).
“Equidistant to the Camelback Employment Corridor, Midtown Phoenix and Sky Harbor International Airport, Majestic Palms has close proximity to several booming economic corridors in Central Phoenix,” said Paul Bay, investment specialist in Marcus & Millichap’s Phoenix office. “New ownership will have the opportunity to renovate the legacy units at the property to realize a favorable rental premium.”
Bay and Darrell Moffitt, also an investment specialist in the firm’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was procured by Bay and Moffitt as well.
Majestic Palms is located at 1920 North 32nd Street in Phoenix, Arizona. The asset includes 24 units, ten of which were lightly renovated and have in-suite laundry, as well as covered carports, on-site laundry and a small office.