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 The Franklin, a 14-unit apartment property located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $1,625,000 ($116,071 per unit).
“After roughly 45 days on the market, the seller accepted an offer with a 21-day close, meeting his goals to free up capital prior to the end of the year,” said Christian Trujillo, investment specialist in Marcus & Millichap’s Phoenix office. “This will make a strong long-term investment for the buyers as they eliminate the current loss to lease and continue increasing the rents in this rapidly appreciating market.”
Trujillo had the exclusive listing to market the property on behalf of the seller, a private investor. This transaction marked the second time Trujillo’s team has sold this property within the past two calendar years, this most recent time being the seller’s exit after fully remodeling all units.
The Franklin is located at 2316 East Roosevelt Street in Phoenix, Arizona. The asset is comprised of 11 two-bedroom/one-bathroom units and three one-bedroom/one-bathroom units, as well as additional land to potentially build new units in the future. At the time of sale, the property was 100% leased.