Five-Unit Apartment Building in Phoenix Sells for $3.2 Million / $640,000 per unit

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 Elegance at Arcadia, a five-unit apartment property located in Phoenix, Arizona. The asset sold for $3,200,000 ($640,000 per unit).

“Primely located in the coveted Arcadia Lite submarket between the Biltmore/Camelback Corridor and Scottsdale, Elegance at Arcadia offers residents nearby access to a plethora of employment opportunities as well as the trendy restaurant and retail Camelback East Village scene,” stated Paul Bay, senior vice president investments in Marcus & Millichap’s Phoenix office. Bay had the exclusive listing to market the property on behalf of the seller, a developer. The buyer, a private investor, was also procured by Bay.

Elegance at Arcadia is located at 3350 East Pinchot Avenue in Phoenix, Arizona.