TEMPE, 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 McKemy, a 24-unit apartment property located in Tempe, Arizona.
According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $6,192,000 ($258,000 per unit).
“Nestled in a desirable residential pocket immediately northwest of North Tempe’s Mill Avenue entertainment district, McKemy’s vibrant location offers residents walkable access to a variety of Eat|Work|Play amenities,” said Paul Bay, first vice president in Marcus & Millichap’s Phoenix office. “New ownership will have the opportunity to renovate all unit interiors and benefit from favorable premiums already proven in the immediate vicinity.”
Bay had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a limited liability company, was procured by Bay and Darrell Moffitt, senior vice president in the firm’s Phoenix office.
McKemy is located at 109-139 South McKemy Street in Tempe, Arizona.