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 Highland 24, a 24-unit apartment property located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $4,175,000 ($174,000 per unit).
“Located immediately to the west of the 51-Freeway and with close proximity to Camelback Road, Highland 24 is primely situated adjacent to the Camelback/Biltmore Employment Corridor, major retail and one of the main arteries of the Central Phoenix freeway system,” said Paul Bay, vice president investments in Marcus & Millichap’s Phoenix office. Bay procured the buyer, a partnership, in this transaction.
Highland 24 is located at 1340 East Highland Avenue in Phoenix and is comprised of one studio unit, 19 one-bedroom/one-bathroom units and four two-bedroom/one-bathroom units. The property was built in 1978 and renovated in 2019, including a completely renovated community space. All units were renovated to include in-suite laundry.