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 Cactus Road, 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 $6,250,000 ($260,417 per unit).
“Primely located less than two miles west of State Route-51 off of Thunderbird-Cactus Road in a desirable North Mountain single-family neighborhood, Cactus Road is posed for sustained rental growth and desirability,” shared Paul Bay, first vice president investments in Marcus & Millichap’s Phoenix office. Bay 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.
Cactus Road is located at 2223-2255 East Cactus Road in Phoenix, Arizona.