Marcus & Millichap Arranges the Sale of Camelback Springs, a 28-Unit Apartment Community in Phoenix

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PHOENIX, Ariz. Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Camelback Springs, a 28-unit apartment property located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $4,050,000 ($14,464 per unit).

Paul Bay, 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.  The buyer, a limited liability company, was also procured by Paul Bay. “The sale of Camelback Springs was a prime example showing the strength of the Phoenix multifamily market and the pent-up demand which exists for first-generation value-add opportunities in “A” locations,” Bay explained. “The buyer came in with very aggressive price and terms to secure the contract.”

Camelback Springs is located at 4711 North 15 Street in East/Central Phoenix in the Camelback Corridor. The well-built and well-located property consists of four two-story buildings that are connected by roof and wrap the interior courtyard. Tenants enjoy the mature landscaping with tall trees, accent shrubbery, and a private central courtyard including a large, gated swimming pool at the center. Camelback Springs also has ample parking with covered spaces, open spaces, and open street parking.

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