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 Fillmore Arms, a 41-unit apartment property located in Phoenix, Arizona.
The asset sold for $7.9 million ($192,683 per unit).
“Located one mile north of Phoenix Sky Harbor Airport and less than a mile south of the 202-Loop East Freeway, Fillmore Arms provides residents access to a wide range of employment opportunities,” shared Paul Bay, first vice president investments in Marcus & Millichap’s Phoenix office. “The Buyer, a California-based firm, will have the opportunity to renovate unit interiors to capitalize on notable premiums already proven in the submarket. Seller was Andre Golnazarian, a Scottsdale-based private investor.”
Bay and 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. The buyer, another private investor, was procured by Bay and Moffitt. Fillmore Arms is located at 3044 East Fillmore Street in Phoenix, Arizona.