Marcus & Millichap Arranges the Sale of La Rosa, a 16-Unit Multifamily Property in Tempe, AZ

image_pdfimage_print

TEMPE, Ariz.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 La Rosa, a 16-unit apartment property located in Tempe, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $2,542,500.

“After a 49-year ownership, the original builder decided to sell and reinvest the proceeds into other real estate opportunities,” said Darrell Moffitt, senior vice president investments in Marcus & Millichap’s Phoenix office. “La Rosa is a Tempe gem that has been meticulously maintained with lush landscape, covered parking, swimming pool and spacious patios. The new owner plans to continue interior unit upgrades that will allow rents to reach market levels for the area.”

Moffitt alongside Paul Bay, vice president investments, had the exclusive listing to market the property on behalf of the seller, a partnership. The buyer, an individual/personal trust, was also procured by Moffitt and Bay.

La Rosa is located at 5105 South La Rosa Drive in Tempe, Arizona. The property’s location provides residents easy access to both the 60 and 101 Freeways, shopping, dining and ASU. Built in 1971, this 16-unit community has 12,600 rentable square feet and is comprised of four one-bedroom/one-bathroom units and 12 two-bedroom/one-bathroom units.

Leave a Reply