Marcus & Millichap announced the sale of Monterey Pines, a 216-unit apartment home community in Peoria, Ariz., a suburb of Phoenix. The $10.8M sales price equates to $50,000 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 Phoenix office, represented the seller, Murano Properties. David and Gebing also advised the buyer, Mentor Properties Inc.
“The interior amenities and community advantages offered by Monterey Pines are unparalleled for an asset of its vintage,” says David. “The property’s physical improvements include well-designed floor plans that amplify the available living space and feature revenue enhancement capabilities through existing washer/dryer connections.”
“Furthermore, Monterey Pines is located within a submarket that is poised for smart growth through the city of Peoria’s 10-Year Capital Improvement Plan for fiscal years 2013-2022,” continues David. “The plan is a $463M investment in 166 different capital projects focused on coordinating efforts with schools, utilities, developers, and other agencies for the express purpose of creating sustainable community assets.”
Developed by Hrebec Properties in 1984, the apartment complex is located on 10 acres at 8650 W. Peoria Ave. in Peoria, just south of the Bell Road retail corridor, which is anchored by the Arrowhead Towne Center, a 1.2 MSF regional mall.
Apartment interiors at Monterey Pines feature garden kitchen windows, oversized walk-in closets with double rods and shoe shelves, individual exterior storage rooms and covered private patios/balcony decks. Community amenities include two swimming pools and a spa, a poolside ramada with built-in barbecues, a newly integrated and lighted sport court, horseshoe pit, shuffleboard, playground and picnic area, reserved covered parking, contemporary clubhouse and complimentary Wi-Fi connectivity in the clubhouse and pool area.