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 The Dayton, an eight-unit apartment property located in Phoenix, Arizona.
According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $2,800,000 ($350,000 per unit).
“Located in the Coronado historic district immediately east of Midtown, one of Phoenix’s most dynamic and rapidly developing employment corridors, The Dayton is uniquely positioned for continued desirability and rental growth due to strict barriers to future competition in the immediate neighborhood,” shared Paul Bay, first vice president investments in Marcus & Millichap’s Phoenix office. The buyer, a private investor, was procured by Bay.
Built in 2021, The Dayton maintained 75 percent occupancy at contract. This was an all-cash transaction. The apartment community is located at 2245 North Dayton Street in Phoenix, Arizona.