PHOENIX, AZ, November 26, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of 25th Street Apartments, a 12-unit apartment community located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $1,500,000.
Paul Bay, an investment specialist in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a developer. Bay explained, “The seller had owned and self-managed 25th Street Apartments for over 20 years. The property has not seen any major renovation work and is non-conforming to the surrounding properties in this prime Biltmore location.”
The buyer, a developer, was also procured by Bay. “The new owner plans to execute a major renovation program in an effort to capitalize on the significant rent premiums achievable in the submarket,” Bay added.
25th Street Apartments is located at 4150 North 25th Street in the heart of the coveted Biltmore neighborhood in Phoenix, surrounded by residential properties. Developed in 1957, the property is comprised of two studios and 10 one-bedroom/one-bathroom single-level floorplans, most of which have large back patios.