Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Brentwood, a 224-unit apartment property in Phoenix. The asset sold for $9,650,000.
Cliff David, a Marcus & Millichap vice president investments, and Steve Gebing, a senior director with Institutional Property Advisors, a division of Marcus & Millichap, both in the firm’s Phoenix office, handled the sale on behalf of the seller, Brentwood-Phoenix LP. David and Gebing also procured the buyer, Pacific Real Estate Partners Inc. Brentwood is located at 11821 North 28th Drive in Phoenix.
“Brentwood stands to benefit from its close proximity to the Metrocenter Mall, a retail center that is centric to a redevelopment program that includes a myriad of new commercial opportunities, including a potential healthcare component alongside retail, office, multi-residential, and senior living,” says David. “Furthermore, the repositioning of the mall, coupled with the 6.5 million square feet of office space and 3.5 million square feet of industrial space that encompasses the property will allow area residents to reclaim the lifestyle amenities that once made the region the prototypical live, work and play environment within the Valley.”
Brentwood is situated on 8.09 acres with a large street window on 28th Drive and is composed of studio, one- and two-bedroom/two-bath apartment homes complete with a fully equipped kitchen appliance package, large pantry space, ceiling fans, oversized closets, and a private patio/balcony with extra storage capabilities. Select units also feature a fireplace, vaulted ceilings and washer/dryer connections. Community amenities include a swimming pool and spa, barbecue stations and children’s playground, common laundry facilities, tennis/basketball court, and convenient covered parking.
