PHOENIX (September 27, 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 Roma, an eight-unit apartment property located in Phoenix, Arizona.
The asset sold for $2,275,000 ($284,375 per unit).
"Roma is primely located in a rapidly improving neighborhood between the Camelback Corridor and Midtown Phoenix, two of Phoenix’s densest employment hubs. Additionally, residents enjoy convenient access to nearby live-work-play amenities,” said Paul Bay, senior vice president investments in Marcus and Millichap’s Phoenix office.
Bay had the exclusive listing to market the property on behalf of the seller, a private investor. Andrew Defendis, an investment associate in Marcus & Millichap’s Los Angeles office, procured the buyer.
Roma comprises all two-bedroom/one-bath units located at 933 East Roma Avenue in Phoenix, Arizona. The property was originally built in 1984 but was completely renovated in 2018, with over $70,000 per unit in capital improvements.