Marcus & Millichap Brokers $1.73M Sale of Bethany Terrace Apartments in Phoenix
Marcus & Millichap Real Estate Investment Services announced the sale of Bethany Terrace, a 40-unit apartment community in the Central Corridor of Phoenix.
The asset commanded a sales price of $1.73M or $43,250 a unit.
Brian Tranetzki and Rich Butler, multi-family investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a private real estate investor out of Southern California.
The buyer was 7th & Bethany LLC (Ryan Hartman, Principal).
Bethany Terrace is situated in the prestigious Uptown Central Phoenix Corridor within close proximity to numerous new urban restaurants including the latest Fox Restaurant Concepts, Culinary Dropout, located at The Yard, which is within walking distance.
The buyer, Ryan Hartman, intends to completely remodel and reposition the building as a boutique apartment complex with modern finishes more becoming of the changing area. This will be the buyer’s fifth multi-family remodel in Phoenix and we look forward to seeing the completed, high end project which will be a definite boost for the neighborhood.
Located at 525 E. Bethany Home Rd., the property is located along Bethany Home just west of 7th St. Less than a mile and a half to the east is the Piestawa Parkway that provides easy access to Downtown Phoenix and its employment district, sporting and nightlife activities.
Also within close proximity is the world famous Biltmore Resort, shopping at Biltmore Fashion Plaza as well as the Camelback Road Business Corridor.
“The acquisition was financed with a new $1,690,000 loan from a regional bank out of their Denver branch,” Butler said. “A large part of the loan proceeds will be allocated to the remodeling and repositioning of the building. We think this definitely speaks to the strength of the submarket and provides further evidence that the Phoenix apartment market continues to strengthen.”