PHOENIX, Arizona – 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 Heatherbrae, a 23-unit apartment property located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $2,600,000 ($113,043 per unit).
“Centrally located between Grand Canyon University and the Central Avenue employment corridor, Heatherbrae provides residents nearby access to a variety of employment options,” said by Paul Bay, vice president investments in Marcus & Millichap’s Phoenix office. “New ownership will have the opportunity to renovate interiors and stabilize with a favorable premium already proven out in the submarket.” The buyer, an individual/personal trust, was procured by Bay.
Heatherbrae is located at 2121 & 2201 West Heatherbrae Drive in Phoenix, Arizona. Built in 1962, this single-level property consists of all two-bedroom/one-bathroom floorplans.