PHOENIX, Arizona– 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 Roosevelt Apartments, a 14-unit apartment property located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $1,040,000 ($74,300 per unit).
Christian Trujillo, an investment specialist in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a private investor. “The seller had owned the property for over 10 years, and unsuccessfully attempted to sell the property with another brokerage firm in 2018,” Trujillo explained. “By utilizing Marcus & Millichap’s platform and exposure, we were able to showcase the asset’s future value to a larger pool of investors. We exceeded the seller’s expectations by identifying upside in the property which attracted a qualified buyer within a week.”
Trujillo also procured the buyer, a local investor. “This was the buyer’s up-leg for his 1031 exchange, in which we also represented him in the disposition of his down-leg here in town,” Trujillo stated. The buyer plans to renovate and is exploring the option of building new units on the available space in front of the existing property.
Roosevelt Apartments is located at 2316-2318 East Roosevelt Street in Phoenix, Arizona. This 9,200-square-foot property is situated on 1.12 acres and was built in 1949. The unit mix consists of one studio, 10 one-bedroom/one-bathroom units and three two-bedroom/one-bathroom units, all with month-to-month leases.