Marcus & Millichap Announces Sale Of 2 Valley Multi-Family Properties
Marcus & Millichap Real Estate Investment Services announced the sale of Metro 12, a 12-unit apartment community in the Roosevelt Historic District in Downtown Phoenix. The asset commanded a sales price of $2.325M or $193,750 a unit.
Brian Tranetzki, multi-family investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, Triton Investment Company. Les Litwin & Natan Jacobs from the Vestis Group represented the buyer, a private real estate partnership based out of Canada.
“Metro 12 is a Santa Barbara-style community located in the heart of Downtown Phoenix. It features 12 well-designed, urban style townhome/lofts boasting an average of 1,548 SF of living space, and interior appointments such as stained concrete floors, maple cabinets, stainless steel appliances, granite countertops and vaulted ceilings,” Tranetzki said.
“Redevelopment in the downtown area will continue to spur growth, provide jobs, and attract students as well as young professionals further improving demand for housing within the submarket. This is evidenced by the recent announcement that Arizona State University will move its law school, ASU’s Arizona Center for Law and Society, to downtown adding nearly a $120M investment to the area along with adding as many as 1,000 new ASU law students downtown.”
Metro 12 is at 620 N. 4th Ave. within the Roosevelt Historic District.
Marcus & Millichap also announced the sale of Sunridge Manor, a 45-unit apartment community in Mesa. The asset commanded a sales price of $1.7M or $37,778 a unit.
Tranetzki and Rich Butler, multi-family investment specialists, had the exclusive listing to market the property on behalf of the seller, a private real estate investor out of northern Arizona. The buyer was Sunridge Manor, LLC based out of Bellevue, Wash.
“Sunridge Manor is comprised of all two bedroom one bath units providing a superior unit mix to that of its competitors within the submarket. Averaging 690 SF, the unit interiors include tiled living areas, tiled bathrooms and kitchens along with walk-in closets in each unit making the property a desirable asset within the submarket,” Tranetzki said.
“With the depth of employment alternatives being driven by local education and healthcare employers, Sunridge Manor is ideally positioned to benefit from the robust local economy providing upside through rental increases; the buyer intends to immediately implement this strategy along with improving the property through light remodeling.”
The property is at 1107 E. University Dr. in central Mesa, home to the Chicago Cubs spring training facility and site of the Cubs’ new state-of-the-art $99M stadium complex set to open for the 2014 season.
Close proximity to multiple freeway systems provides easy access to all areas of the Valley via Highway 60 to the south, the Red Mountain Freeway to the north or the new Metro light rail to the west.