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 North Haven, a 33-unit apartment property located in Phoenix, Arizona. North Haven is located at 1742 W. Vogel Avenue in Phoenix, Arizona.
According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $5,445,000 ($165,000 per unit).
“North Haven is surrounded by the growing lifestyle opportunities of a gentrifying area and the natural beauty of the North Mountain Preserve,” shared Darrell Moffitt, senior vice president in Marcus & Millichap’s Phoenix office. “The adjacent city-endorsed North Mountain Redevelopment Area, a defined area within the Phoenix MSA currently undergoing transformative gentrification efforts, provides assistance to residents and business owners in taking advantage of funding mechanisms designed to improve the region through advancement of underutilized properties, expanded infrastructure, and the creation of additional employment opportunities, lead by a revitalization of the iconic Metrocenter Mall.”
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. “The buyer will have the opportunity to renovate all unit interiors and benefit from favorable premiums already proven in the immediate vicinity,” Moffitt added. “The seller for this transaction was Andre Golnazarian.”