YOUNGTOWN, 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 Youngtown House Apartments, a 64-unit multifamily property located in Youngtown, Arizona.
According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $10,000,000 ($156,250 per unit).
Richard Butler, senior vice president investments in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a private investor who purchased the property in 2019 for $4,100,000. This is the fourth time Butler has sold the property since 1998 when he sold it for the original developer who built the property in 1971.
“The seller decided to exit the multifamily market due to identifying a higher yielding, alternative product investment opportunity in central Phoenix,” said Butler.
The buyer, represented by Andrew Tate from Keller Williams Commercial Realty, also owns a 71-unit property in Youngtown that was purchased in 2021.
“The buyer plans to upgrade this C-grade property to include en-suite washers and dryers, new kitchens, bathrooms, doors, windows, exterior paint, roofs and landscape. They were able to secure a bridge loan for the acquisition and future improvements,” added Butler.
All units are studios and one-bedrooms with master-metered utilities and a chiller system. The property will be rebranded as South Edge Apartments.