Tag Archives: Rich Butler

The Ranch, WEB

The Ranch at Midtown sells for $2.56M

Marcus & Millichap announced the sale of The Ranch at Midtown, a 32-unit apartment property located in Phoenix. The asset commanded a sales price of $2,560,000 or $80,000 a unit.

Brian Tranetzki and Rich Butler, multifamily investment specialists in Marcus & Millichap’s Phoenix office, negotiated the transaction on behalf of the buyer, a private capital investor out of the Los Angeles area. The seller was Avenue North, a local investment company which focuses on multifamily investment and repositioning.

“Situated in the heart of Uptown Central Phoenix, The Ranch at Midtown is a recently renovated art deco style apartment complex catering to the young professional tenant base. The property is located just walking distance from some of the city’s top restaurant attractions like Postino Central, Federal Pizza and Windsor. This area is a key destination for the young urban resident.” says Tranetzki.

The Ranch at Midtown is located at 110 & 118 W. Maryland Ave in Phoenix just west of Central Avenue and minutes from Downtown Phoenix, the Camelback Corridor, the Metro Light Rail and numerous retail, restaurants, and entertainment destinations that permeate the Central Phoenix corridor.

“The property is comprised of unique, well-designed one and two bedroom units that have been recently renovated to include new flooring, new appliances, new kitchen countertops and a modernized courtyard area, complete with a cabana style pool. Built in 1957 of block and concrete, this art deco style of construction is in high demand for this area.” adds Butler.

Camelback Springs-cut, Marcus & Milli

Camelback Springs Sold for $1.9M

Marcus & Millichap Real Estate Investment Services has announced the sale of Camelback Springs Apartments, a 28-unit apartment community located in the Camelback Corridor in Phoenix, according to Don Morrow, regional manager of the firm’s Phoenix office. The asset commanded a sales price of $1,932,000 or $69,000 per unit.

Brian Tranetzki and Rich Butler, multifamily investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing assignment to market the property on behalf of the seller, a local private capital real estate investor. The buyer, a private investor out of the Los Angeles area, was also secured and represented by Tranetzki and Butler.

“The property is within a mile of the highly desirable 24th Street and Camelback commercial corridor that offers shopping, restaurants and services at the popular Biltmore Fashion Park, as well as the Camelback Colonnade, Town and Country Shopping Center and the Arizona Biltmore Resort,” says Tranetzki. “This high profile corner contains well over two million square feet of office development and is home to most of the real estate and financial services firms in the Valley,” adds Tranetzki.

Camelback Springs is located at 4711 North 15th Street in Phoenix and within minutes of State Route 51 (Piestewa Parkway) with direct access to Loop 202 (Red Mountain Freeway) and State Route 143 (Hohokom Expressway), which is located less than a quarter mile from Camelback Springs.

“Camelback Springs received over $540,000 in interior and exterior refurbishment in 2009 including new roofs, HVAC units, landscaping, kitchen and bath fixtures, cabinets and tile flooring. The project, originally named Austin Apartments was built in 1963 by McCullough-Ives Construction and provides tenants with vaulted ceilings, a two bedroom two bath floor plan and a cabana style courtyard complete with a swimming pool,” says Butler.