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 Oakdale, a 55-unit apartment property located in Phoenix, Arizona.
According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $11 million ($200,000 per unit).
Moffitt and Paul Bay, first 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.
“Located just north of the Loop 202 Freeway and east of the Piestewa Freeway, Oakdale is uniquely positioned with extreme barriers to future competition,” shares Darrell Moffitt, senior 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 sub-market.”
Oakdale, built in 1963, consists of a total of 55 apartments and is located at 2302 North 27th Street in Phoenix, Arizona.