PHOENIX, Arizona – Marcus & Millichap (NYSE: MMI) has announced the sale of 20th Street, a seven-unit apartment community located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $1,330,000 ($190,000 per unit).
Paul Bay, an investment specialist in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. “Due to its core Biltmore location and low-density, 20th Street is a prime candidate for adaptive redevelopment, namely the opportunity to build additional residential units on the property,” Bay explained. The buyer, a developer, was procured by Darrell Moffitt, also an investment specialist in the firm’s Phoenix office. “The excellent central Phoenix location and potential for more units were part of the acquisition criteria for this long-term apartment owner,” Moffitt stated.
20th Street is located at 4221 North 20th Street in the desirable Lower Biltmore residential neighborhood in Phoenix. The property is located one mile southwest of the Camelback Employment Corridor, the valley’s most affluent economic destination featuring nearly eight million square feet of office space. More than half of this office space is Class A featuring national companies such as Charles Schwab, Cisco Systems, Zenreach, Humana, Fennemore Craig and Northern Trust. Developed in 1965, 20th Street is comprised of one one-bedroom unit, four two-bedroom units, one three-bedroom unit, and one non-conforming studio unit. All unit interiors have been recently renovated including new flooring, fresh paint and stainless-steel kitchen appliances.