PHOENIX, (July 8, 2024) – 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 Brio 14, a 14-unit apartment property located in Phoenix.
The asset sold for $3,775,000 ($269,643 per unit).
“Primely located in a desirable central Phoenix infill location accented by the nearby Arcadia, Camelback East Village and Biltmore neighborhoods, and limited exposure to new competing supply, Brio 14 is a rare boutique new-construction apartment-style community,” said Paul Bay, senior vice president investments in Marcus & Millichap’s Phoenix office. “Incoming ownership will benefit from consistent rental demand and growth due to the properties positioning as a lower-cost alternative to Class A options in this highly sought after region.” Bay, along with Adam Saylor, associate, and Darrell Moffitt, senior vice president investments in the firm’s Phoenix office, exclusively represented both the buyer and seller.
Brio 14 is located at 2950 North 29th Place in Phoenix. Built in 2022, it consists of six (6) one-bedroom/one-bath and eight (8) two-bedroom/two-bath units, each averaging 667 square feet.