PHOENIX, October 9, 2023 – 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 Desert Green, a 16-unit apartment property located in Phoenix, Arizona. The asset sold for $3,200,000.
“Located in a rapidly improving North Phoenix submarket, approximately one mile from both Paradise Valley community college and State Route 51, Desert Green is well positioned for future rent growth and demand,” says Paul Bay, senior vice president investments in Marcus & Millichap’s Phoenix office. “New ownership will have the opportunity to complete the renovation program, capitalizing on premiums already being achieved at the property.” Bay, Adam Saylor, and Darrell Moffitt, investment specialists in the firm’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was also procured by Bay, Saylor, and Moffitt
Desert Green is located at 16243-16401 North 31st Street in Phoenix, Arizona.