GLENDALE, Ariz.– 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 Beverly IV, a 24-unit apartment property located in Glendale, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $3,000,000.
“Beverly IV is conveniently positioned between the Interstate-10 Industrial Corridor, downtown Glendale, Grand Avenue Expressway and the rapidly growing retail and entertainment districts of Northwest Glendale,” said Paul Bay, vice president investments in Marcus & Millichap’s Phoenix office. “Given its low density and desirable unit mix, Beverly IV is a prime candidate for further programmatic interior renovations which include the implementation of in-suite laundry and private patios.”
Bay had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a limited liability company, was also procured by Bay.
Beverly IV is located at 6740 West Montebello Avenue in Glendale, Arizona. Built in 1974 and renovated in 2020, the property consists of six individually-parceled fourplexes. The unit mix includes 23 two-bedroom/one-bathroom units and a single one-bedroom/one-bathroom unit.