GLENDALE, 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 Concept at 43rd Ave, a 52-unit apartment property located in Glendale, Arizona.
According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $9,750,000 ($73,864 per unit).
“Located in east Glendale, Concept at 43rd Ave is well-positioned to provide easy access to historic Glendale, Interstate-17 and Grand Canyon University,” shared Darrell Moffit, senior vice president investments in Marcus & Millichap’s Phoenix office. “The community offers large two-bedroom units, two-car garages, washer/dryers and patios. New ownership will have the opportunity to execute a programmatic renovation of unit interiors to experience a favorable premium.”
Moffitt and Paul Bay, first vice president 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 Moffitt and Bay.
Concept at 43rd Ave consists of 52 two-bedroom/one-bath townhomes, part of 132-unit HOA. Built in 1983, the courtyard-style community features a large interior amenity space and includes a pool. The asset is located at 7464 North 43rd Avenue in Glendale, Arizona.