PHOENIX, May 8, 2023 – 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 Urbana at Glenrosa, a 22-unit apartment property located in Phoenix, Arizona. The asset sold for $6,250,000.
“A rare low-density community with oversized floorplans in the coveted Biltmore submarket, Urbana at Glenrosa is poised for sustained rental growth supported by strict barriers to future competitive supply. New ownership will have the opportunity to renovate 6 of the unit interiors to capitalize on the favorable premiums proven at the property,” said Paul Bay, senior vice president investments. Bay and Darrell Moffitt, 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. The buyer, another private investor, was procured by Bay and Moffitt.
Urbana at Glenrosa is located at 4250 North 25th Street in Phoenix, Arizona. The apartment building was built in 1964 and consists of eleven (11) one-bedroom/one-bath units, and eleven (11) two-bedroom/two-bath units. It is a 23,700-square-foot apartment building on a 62,342-square-foot parcel of land. Urbana at Glenrosa is within walking distance of the professional powerhouse known as Camelback Employment Corridor. Furthermore, residents of Urbana at Glenrosa have the luxury of a three-minute drive to reach State Route 51, a significant transportation thoroughfare. This conveniently provides effortless access to the economic mainstay of Phoenix International Airport, as well as helps create manageable commute times to nearly anywhere across the Phoenix Metropolitan area.