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 Modern Quarters, a 47-unit apartment property located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $6 million ($129,660 per unit).
“Located within walking distance to major retail, the Valley Metro Light Rail and the desirable Central Avenue Corridor suburb of Uptown, Modern Quarters is well positioned for sustained rental growth and neighborhood redevelopment,” said Paul Bay, vice president investments in Marcus & Millichap’s Phoenix office. Bay had the exclusive listing to market the property on behalf of the seller, a limited liability company. He and Darrell Moffitt, senior vice president investments, procured the buyer, a private investor.
Modern Quarters is located at 6702 North 17th Avenue in Phoenix, Arizona. Built in 1979, this property features 28 two-bedroom/two-bathroom units (11 of which were renovated to include in-suite laundry), 17 one-bedroom/one-bathroom units, and two studios. The units are individually metered for electric with roof mounted HVACs and individual water heaters.