SCOTTSDALE, Ariz. – 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 Glenrosa 6, a six-unit apartment property located in Scottsdale, Arizona. The asset sold for $1,800,000 ($300,000 per unit).
“The seller owned the property for over 20 years but decided to take advantage of the high demand for multifamily product in Scottsdale and exchange into several properties closer to her current residence,” stated Sean Connolly, senior associate in Marcus & Millichap’s Phoenix office. The buyer, a private investor, was also procured by Connolly.
Glenrosa 6 is a value-add property located in the heart of South Scottsdale at 4247 North 78th Street in Scottsdale, Arizona. The new owner intends on renovating the units and raising rents to match the high demands for residences near Old Town Scottsdale.