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 South Seventh Street, a 25-unit apartment property located in Phoenix, Arizona.
According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $2,000,000 ($80,000 per unit).
“South Seventh Street Apartments are well located just south of Downtown Phoenix and next to South Mountain High School,” commented Darrell Moffitt, senior vice president investments in Marcus & Millichap’s Phoenix office. “This value-add opportunity had been previously owned by the same entity for more than 25 years. Buyer, Andre Golnazarian, intends to execute on a programmatic renovation plan with favorable premiums he is proving out in the submarket.”
Moffitt and Paul Bay, first vice president investments in the firm’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a private investor. Golnazarian was procured by Bay and Moffitt.
South Seventh Street is located at 5607 South 7th Street in Phoenix, Arizona.