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 Oregon Ave Apartments, a five-unit apartment property located in Phoenix, Arizona.
According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office. The asset sold for $925,000.
Sean Connolly, an investment specialist in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, another private investor, was procured by Connolly.
Oregon Ave Apartments – a value-add, five-unit multifamily community - is located at 1515 East Oregon Avenue in the heart of Phoenix’s prestigious Camelback Corridor.
“Situated north of Camelback Road and west of 16th Street, the Oregon Ave Apartments are only minutes away from upscale shopping, recreational activities, vast amounts of entertainment and one of the most vibrant restaurant corridors in all of Phoenix,” said Connolly.
The subject property was built in 1960 and is comprised of one (1) studio, three (3) one-bedroom units, and two (2) two-bedroom units. Connolly added, “The new owner intends on renovating the property with modern finishes to attract young professionals who work along the Camelback Corridor.”