PRESCOTT, 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 1141 East Gurley Street, a 30-unit multifamily property located in Prescott, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $3,400,000.
Richard Butler, senior vice president investments in Marcus & Millichap’s Phoenix office, represented the seller, a partnership out of Los Angeles as well as the buyer, a partnership out of San Diego. The seller purchased the property in 2018.
“The seller decided to sell because they identified a higher yielding, alternative product investment opportunity in California. After receiving multiple offers, we found a first-time buyer who was interested in entering the Prescott market and after touring the property, aggressively went into escrow at an above list price. Tyler Waller, director with the Phoenix Marcus & Millichap Capital Corporation, was instrumental in securing financing,” says Butler.
Waller was able to negotiate the interest down to a 3.70% rate with one (1) year of interest-only term, a 30-year amortization and no prepayment penalty.
“This very stable asset was completely reconstructed in 2017 and has consistently achieved 100% occupancy since its renovation, much like the rest of the Arizona multifamily market,” added Butler. “In 2021 Prescott ranked third in the country for job growth and economic vitality and continues to be a desirable area for investors and tenants alike.”