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 Northern Palms Apartments, a 50-unit apartment property located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset commanded a sales price of $5 million or $100,000 per unit.
“The seller purchased this property in 2018 and stabilized the operations with highly effective management. Because of previous success working with Marcus & Millichap, the seller knew that there was a high probability of locating a highly motivated buyer, willing to pay a very aggressive price under very short timelines,” said Richard Butler, senior vice president investments in Marcus & Millichap’s Phoenix office. Butler had the exclusive listing to market the property on behalf of the seller, a limited liability company.
“Because we represented the buyer in previous transactions, we were certain that they would fulfill the many goals that the seller had set out. With certainty, the buyer met the seller’s pricing goals within a very short timeframe,” added Sean Connolly, investment specialist also in the firm’s Phoenix office. The buyer, a private investor, was procured by Connolly and Butler.
Built in 1984, Northern Palms Apartments is located at 2835 West Northern Avenue in Phoenix, Arizona and is comprised of 50 one-bedroom units. These units include newly replaced electrical service panels, air conditioners, windows, doors, security gates, kitchen cabinets and fixtures, as well as new bathroom vanities and showers.