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 Valle Monterosa, a 24-unit apartment property located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $3 million ($125,000 per unit).
"Located immediately north of the hip and eclectic restaurant scene on Indian School Road in a highly-coveted residential neighborhood, Valle Monterosa is uniquely positioned with extreme barriers to future competition,” said Paul Bay, vice president investments in Marcus & Millichap’s Phoenix office. “New ownership will have the opportunity to renovate unit interiors to realize favorable rent premiums already proven in the submarket.”
Bay alongside Darrell Moffitt, senior vice president investments in the firm’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a private investor that owed the property for 28 years. The buyer, a private investor, was also procured by Bay and Moffitt.
Valle Monterosa is located at 3747 East Monterosa Street in Phoenix, Arizona. Built in 1978, the asset includes all single-level one-bedroom/one-bathroom units, each approximately 450-square- feet.