PHOENIX, Ariz., January 27, 2020 – 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 Lookout Mountain, a 14-unit apartment community located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $1,385,000.
Paul Bay, investment specialist in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. The buyer, a limited liability company, was also procured by Bay. “Lookout Mountain is located in a desirable residential neighborhood in the heart of North Central Phoenix,” Bay explained. “Given its amenity-rich location and desirable unit layouts, Lookout Mountain is a prime candidate for programmatic interior renovations.”
Lookout Mountain is located at 13605 North 20th Street in a residential neighborhood in North Central Phoenix. The property is immediately to the south of the Lookout Mountain Preserve, Hidden Hills Elementary School and just east of Moonridge Golf Estates. Developed in 1985, this 10,780-square-foot property is comprised of all two-bedroom/one-bathroom floorplans that each include back patios and dedicated covered parking.