PHOENIX, Arizona – 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 Indian Villa, a 10-unit apartment property located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $1,550,000 ($155,000 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. “Barriers to entry due to strength of location make Indian Villa one of the best unrenovated opportunities in Maricopa County,” Bay explained. “This coupled with constraints on supply led to an exceptionally high level of competition when the asset was brought to market.”
The buyer, a private investor, was procured by Christian Trujillo, also an investment specialist in the firm’s Phoenix office. “The buyer was sourced through our cross-office collaboration out of one of our Pacific Northwest offices,” Trujillo stated. “Our buyer was able to set themselves apart from the competition by providing favorable terms including a short review period and quick close which were paramount in winning the deal.”
Indian Villa is located at 4917 East Indian School Road in True Arcadia, a highly sought-after neighborhood in Phoenix, Arizona. The location allows immediate access to the Arcadia Towne Center, Ingleside Middle School, and Arcadia High School, and is a convenient three-mile drive to Old Town Scottsdale. Developed in 1960, the 6,750-square-foot property is comprised of 10 spacious one- and two-bedroom single-level floor plans. Half of these units feature existing private back patios. Sixty percent of the units had undergone light interior renovations during the previous ownership period. Additional improvements include a resurfaced roof, select replacement of HVAC units and windows and resurfacing of the pool. Residents are granted access to the thriving employment growth surrounding the Central Scottsdale, South Scottsdale and Camelback Employment Corridors.