PHOENIX, Arizona – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Urbana at Arcadia, a 10-unit apartment property located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $1,570,000 ($157,000 per unit).
“Located one mile to the south of the Camelback East Village restaurant scene and two miles to the south of the Camelback employment corridor, Urbana at Arcadia is well positioned adjacent desirable employment and neighborhood amenities,” said Paul Bay, vice president investments in Marcus & Millichap’s Phoenix office. “Ownership will have the opportunity to carry out the renovation program across all units to capture a favorable renovation premium.”
Bay had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, an individual/personal trust, was also procured by Bay. Urbana at Arcadia is located at 3219 East Earll Drive in Phoenix, Arizona.