TEMPE, Arizona – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Revival Tempe, a 14-unit apartment complex located in Downtown Tempe. The asset commanded a sales price of $2,583,800 or $184,557 per unit.

Rich Butler, a Senior Vice President Investments specializing in multifamily product in Marcus & Millichap’s Phoenix office had the exclusive listing and negotiated the transaction on behalf of the seller, a local limited liability company and the buyer, an out of state 1031 exchange investor.

PHOENIX, Arizona – Marcus & Millichap (NYSE: MMI), with offices throughout the United States and Canada, announced the sale of Encanto Oasis, a completely renovated 27-unit apartment community located in the historic North Encanto neighborhood of midtown Phoenix.  The asset commanded a sales price of $3.1 million or $114,815 per unit.

Brian Tranetzki and Rich Butler, multifamily investment specialists in Marcus & Millichap’s Phoenix office had the exclusive listing and negotiated the transaction on behalf of the seller, a local private capital investor and the buyer, an out-of-state 1031 exchange investor.

“Built in 1962, Encanto Oasis offers residents a completely renovated and updated community consisting of large two-bedroom and three-bedroom floor plans, averaging 1,164-square-feet. The seller extensively repositioned all apartment interiors and the exterior of the property  including new electrical wiring, roofs, lighting, paint, landscape, appliances, flooring, kitchens and bathrooms. A new laundry room and fitness center were added along with a new modern designed cabana style pool and sitting area” says Tranetzki.

The property is located at 1840 West Thomas Road, Phoenix, AZ.

“Located in the historic North Encanto neighborhood of midtown Phoenix, the subject property enjoys excellent drive-by visibility, is in close proximity to Phoenix College, St. Joseph’s Hospital and Barrow Neurological Institute, downtown Phoenix, the Arizona State Fairgrounds , as well as Encanto Park and offers residents easy access to Interstate-17 as well as City of Phoenix transit. Directly across the street to the south is the Encanto Park Municipal Golf Course, the third oldest golf course in Arizona, built in 1935.” adds Butler.

PHOENIX, Arizona – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of the Haven, a fully renovated apartment community updated in 2016 and located in the uptown Phoenix corridor. The asset commanded a sales price of $2,463,158 ($153,947 per unit).

Brian Tranetzki and Rich Butler, multifamily investment specialists in Marcus & Millichap’s Phoenix office had the exclusive listing and negotiated the transaction on behalf of the seller, a local private capital investment partnership and the buyer, an out-of-state 1031 Exchange investor.

“The Haven is a completely renovated apartment community designed to fit the young professional tenant base the property now attracts. It is strategically positioned within the central Phoenix corridor on the corner of 3rd Avenue and Maryland just west of Central Avenue, one of Phoenix’s most vital and heavily trafficked stretches of roadway. The subject property is comprised of well-designed 825 square foot two bedroom one bath apartment homes with private patios or balconies and in unit washer and dryers. Newly remodeled interiors include a new appliance package, stainless steel sinks, new countertops with glass tile backsplash, celling fans and slate-plank style vinyl floors. Also featured are all new windows and sliding arcadia doors, a rarity in any apartment remodel. Tenants enjoy covered parking, mature shade trees, newly designed modern desert landscaping and a sitting courtyard area in this boutique community,” says Tranetzki.

The property is located at 6501 North 3rd Avenue, Phoenix, Arizona.

“The Haven provided the investor the opportunity to acquire a newly modernized apartment building in one of the most prestigious areas of Phoenix. This north central Phoenix neighborhood is one of the most upscale areas in Uptown and the second-priciest neighborhood in Phoenix, according to AZ Central. Ranch-style, historic brick homes, renovated upscale larger block homes on acre lots, and newer constructed custom homes replacing the older homes developers tore down can all be found here. Million-dollar estates dot the Central Avenue neighborhood. Mountain preserve areas surround and run through this area and some of the city’s most popular restaurants are all within walking distance to the subject property. Many of the neighborhood’s schools are top rated and draw students from other parts of the Valley.” adds Butler.

For more information, Butler should be reached at 602.687.6782 and Tranetzki is at 602.687.6755.