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 Bethany, an eight-unit apartment property located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $1,000,000 ($125,000 per unit).
Paul Bay, investment specialist in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. The buyer, a limited liability company, was also procured by Bay. “Bethany is conveniently location immediately adjacent to Abrazo Central Campus hospital and within walking distance to the Valley Metro Light Rail,” Bay stated. “Given its location, unit mix and desirable layout, Bethany is a prime candidate for programmatic interior renovations.”
Bethany is located at 6040-6048 North 21st Avenue just north of Bethany Home Road, less than a mile east of Interstate-17 and just half a mile from Christown Spectrum Mall including retailers such as Costco, Walmart Supercenter, Target, Ross, Harkins and more. Countless restaurants and fast food surround the property as well. This single-level property consists of two parcels that contain a total of eight units comprised of two one-bedroom/one-bathroom units, five two-bedroom/one-bathroom units and one three-bedroom/two-bathroom unit.