Marcus & Millichap Real Estate Investment Services announced the sale of Metro Gardens, a 144-unit apartment property in Phoenix, according to Steve Chaben, Managing Director of the firm’s Phoenix office.
The asset commanded a sales price of $5.125M.
Cliff David, vice president investments and Steve Gebing, also vice president investments, both in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, Federal Home Loan Mortgage Corporation.
“As one of the few remaining lender-owned multifamily assets available for sale in Greater Phoenix, Metro Gardens offered the rare opportunity to purchase a distressed asset that was primed for repositioning,” David said.
“Over the past 12 months, the number of Class ‘C’ multi-family distressed transactions in Greater Phoenix declined by 20%, suggesting that there will be limited opportunities for similar product going forward.”
Metro Gardens is at 10227 N. 32nd Ln. The physical improvements were completed in 1980, offering a balance of studio, one-, and two-bedroom apartment homes. Nearly 56% of the property is comprised of two-bedroom floor plans, with a weighted average unit size of 792 SF.
Community amenities include a resurfaced swimming pool, a clubhouse with fireplace and billiards table, tennis court and basketball court combination, as well as barbecue areas throughout the common grounds.