PHOENIX, AZ – Marcus & Millichap (NYSE: MMI), has announced the sale of Mirador Apartments, a 36-unit apartment community located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $3,512,500 ($97,569 per unit).
Darrell Moffitt, an 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. “Through our expansive marketing platform, we obtained multiple offers before ultimately agreeing to terms with the highest probability buyer very close to our asking price,” Moffit explained. The buyer, a private investor, was also procured by Moffitt. “The buyer utilized Marcus & Millichap Capital Corporation (MMCC) which was instrumental in obtaining the financing and completing transaction for the buyer during these very challenging times,” Moffitt added.
Mirador Apartments is located at 2424 East Grandview Road in Phoenix, Arizona. The garden-style apartments were built in 1984 and have recently undergone renovations. Approximately 85% of unit interiors have various upgrades, which may include flooring, paint, kitchen appliances, faucet, new cabinet paint and bathroom fixtures. The exterior was painted, and new signage was placed at the entry of the property. Mirador Apartments consists of three studios, six one-bedroom units and 27 two-bedroom/one-bath units. Community amenities include a swimming pool, laundry facility and covered parking. A short distance from the Loop 101 and Route 51 freeways, Mirador Apartments is conveniently located within a short commute to a variety of employment opportunities, retail shops and the Point Golf Club. Major employers in the area include Target, Paradise Valley Unified School District, Paradise Valley Community College and Costco.