PHOENIX, Arizona – Marcus & Millichap (NYSE: MMI) announced the sale of Garden View, a 15-unit apartment property located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $2,175,000 ($145,000 per unit).
“Garden View consists of 15 townhome-style two-bedroom units in a rapidly changing area of North Phoenix. Well-positioned within proximity of the SR-51, residents enjoy expedient access to both Scottsdale and major Phoenix employment centers,” said Paul Bay, vice president investments in Marcus & Millichap’s Phoenix office. Bay had the exclusive listing to market the property on behalf of the seller, a limited liability company.
“With predominantly original interior appointments and desirable floorplans, Garden View presented an opportunity to conduct strategic interior and exterior enhancements for corresponding rent premiums to satiate increased demand,” added James Crawley, investment associate in the firm’s Phoenix office. Crawley procured by buyer, a private investor in the transaction.
Garden View is located at 3120 East Paradise Lane in Phoenix, Arizona. Garden View consists of 15 two-bedroom/1.5-bathroom townhomes and was completed in 1985.