CHANDLER, 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 Vista Star, a 16-unit apartment property located in Chandler, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $3,342,500 ($209,000 per unit).
“Located in the heart of Chandler, Vista Star is one of the best positioned multifamily assets within this East Valley submarket,” said Darrell Moffitt, senior vice president investments in Marcus & Millichap’s Phoenix office. “Future ownership will have the opportunity to reach elevated rental premiums after executing on a programmatic interior and exterior renovation of this value-add community.”
Moffitt and Paul Bay, first vice president investments in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, another private investor, was procured by Bay, Moffitt, Peter Bauman and Tivon Moffitt, investment specialists in Marcus & Millichap’s Phoenix office