Marcus & Millichap announced the sale of Tuscany Pointe Apartments, a 236-unit multifamily community in Phoenix. The $10.1M sales price equates to $42,797 per unit.
Cliff David, a Marcus & Millichap vice president investments, and Steve Gebing, a senior director with Institutional Property Advisors, a Marcus & Millichap company, both located in the firm’s Phoenix office, represented the seller, Howe Group LLC. David and Gebing also advised the buyer, The Lodge Complex Tulsa LLC.
“Built in 1981 in an established north Phoenix neighborhood, Tuscany Pointe is well positioned for revenue enhancement through strategic interior and exterior renovations,” says David. The property is located on 8.3 acres at 14830 N. Black Canyon Hwy. in Phoenix between the North Interstate 17/Deer Valley employment corridor, an area encompassing 17.5 MSF of retail, office, industrial and flex space and the Metrocenter Mall, a 107-acre shopping center composed of approximately 1.7 MSF of retail space.
Developed by Lincoln Property Co., each Tuscany Pointe apartment features a fully equipped kitchen with a large pantry space, an oversized bathroom vanity and pre-wiring for cable television. Walk-in closets, ceiling fans, built-in microwaves, balconies/patios and upgraded wood-style vinyl flooring are available in select units. Community amenities include two swimming pools, a fitness center with cardio- and weight-training equipment, a sport court, barbecue grilling stations, a shaded playground, two laundry facilities and lighted, covered parking.