GLENDALE, Ariz, September 28, 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 Ocotillo Oasis, a 42-unit apartment property located in Glendale, Arizona. The asset sold for $7,030,000 ($167, 381 per unit).
“Located immediately south of Glendale High school, half a mile west of the 60 Freeway and Downtown Glendale, Ocotillo Oasis offers residents convenient access to major retail, employment and education from its rapidly improving residential micro-location,” says Paul Bay, senior vice president investments in Marcus & Millichap’s Phoenix office. “Future ownership will have the opportunity to complete an interior renovation program to capitalize on favorable premiums already proven in the submarket.” 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, an individual/personal trust, was also procured by Bay and Moffitt.
Ocotillo Oasis is located at 6220 West Ocotillo Road in Glendale, Arizona.