Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of San Marina Apartments, a 400-unit apartment complex located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset commanded a sales price of $26,375,000.
Rich Butler, a Senior Vice President Investments in Marcus & Millichap’s Phoenix office negotiated the sale on behalf of the seller, a local non-profit organization, and the buyer, an out-of-state apartment investment and management company. “Built in 1986, San Marina is comprised of one and two-bedroom apartment homes, all of which feature energy efficient full-size appliances, carpet and vinyl flooring, dishwashers and microwaves, and some single level casitas with private patios. This community offers many amenities including security gates, two on-site laundry facilities, a park-like atmosphere with a playground and basketball court area, pool and spa, and covered parking. The property sits on over 19 acres of land with over 40,000 cars passing by each day according to the City of Phoenix,” said Butler.
“Conveniently located in close proximity to Loop 101, Interstate 10, and Highway 60, San Marina Apartments is within a short drive to convenient shopping options that include Fry’s Marketplace, Walmart Supercenter and El Super Market. Also within close proximity are attractions such as Grand Canyon University Golf Course, Maryvale Baseball Park which is the springtime home of the Milwaukee Brewers as well as the 317-bed Banner Estrella Medical Center. Heatherbrae Elementary School is located within walking distance to San Marina Apartments as its campus is adjacent to the north,” added Butler.
The property is located at 7002 West Indian School Road in Phoenix, Arizona and was last sold by Marcus & Millichap in 2011 for $9,009,000. The property is covered by a LURA contract which enables the owner to provide affordable housing to eligible tenants.
