181-unit Verde Vista apartment complex
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 Verde Vista, a 181-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 $10,600,000 or $58,564 per unit.
Rich Butler, a senior vice president in Marcus & Millichap’s Phoenix office, as well as Reza Ghaffari, a senior managing director in Marcus & Millichap’s Ontario, California office, negotiated the sale on behalf of the seller, an out-of-state limited liability company. The buyer was an out-of-state 1031 exchange investor.
“Built in 1978 and renovated in 2012, Verde Vista is comprised of studio, one, and two–bedroom units with numerous amenities including two large pool areas, children’s playground, covered parking, and recently renovated exteriors and landscaping. The convenient location of Verde Vista makes it a popular property that is consistently 100% occupied,” said Butler.
The property is located at 3030 North 35th Avenue in Phoenix, Arizona. “Verde Vista is located in close proximity to Highway 60, and Interstate 10 and 17, which provide access to all parts of the valley and local employers in the surrounding areas. Residents are also less than three miles from Grand Canyon University, Rio Salado College, and Phoenix College, along with some of Phoenix’s most prestigious high schools. Major retailers in the area include Costco, Walmart, CVS, and Fry’s Electronics, along with a variety of restaurants to enjoy. In addition, attractions such as the Phoenix Zoo, Chase Field, Talking Stick Resort Arena, and Maryvale Baseball Park, home of the Milwaukee Brewers spring training are all within a short drive,” added Butler.
The seller had originally bought the property in October 2016 for $6,600,000 where he was also represented by Ghaffari.
Avenue 15
Marcus & Millichap announced the sale of Avenue 15, a 148-unit apartment complex located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $14,725,000.
Pete Te Kampe, first vice president investments in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer was represented by Karl Abert of Kidder Mathews. “The seller originally purchased this asset two years ago as a fractured condominium reconversion opportunity,” Te Kampe explained. “Subsequent to stabilizing the asset and making necessary improvements, the owner decided to list the property with Marcus & Millichap. After receiving 13 competitive offers on the property, it ultimately sold at 97% of list price to a local buyer who plans to renovate and update the property. What made this asset so desirable was that it controls 21% of all three-bedroom/two-bathroom units in the North Central Phoenix submarket in multifamily properties comprising 50 or more units.” Avenue 15 represents the seventh condo reversion project Te Kampe has assisted his clients with. Every condo reversion he has done involved multiple sellers transferring ownership to one investor in which the investor acquired 100% of the units along with H.O.A. control and declarant rights.
Avenue 15 is located at 1609 West Glendale Avenue in the North Central Phoenix submarket of Phoenix, Arizona. Built in 1972, the property underwent a reassembly campaign in 2017. The property went through a condominium conversion approximately 12 years ago. Avenue 15 consists of 28 two-bed/one-bath units, 66 two-bed/two-bath units, and 54 three-bed/two-bath units.
Papago View Apartments
Marcus & Millichap announced the sale of Papago View Apartments, a 50-unit apartment property located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $4,150,000.
Darrell Moffitt, an investment specialist in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a limited liability company, was also represented by Moffitt. “The property’s 16% physical vacancy is well above market vacancies for the area, providing immediate opportunity for the buyer,” Moffit stated. “Initial plans will be to stabilize the community, update unit interiors and offer various amenity packages for residents.”
Papago View Apartments is located at 3710 East McDowell Road in Phoenix, just minutes away from the Loop 202 freeway. This gives residents immediate access to downtown Phoenix, downtown Tempe, Arizona State University, Camelback Corridor, downtown Scottsdale, and Papago Park recreation area. This apartment community includes 39 one-bedroom/one-bathroom units and 11 studios.
Farnsworth Apartments
Marcus & Millichap announced the sale of Farnsworth Apartments, a 30-unit apartment property located in Mesa, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $2,600,000.
Darrell Moffitt and Michael Burke, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. “The apartments were originally built by the Farnsworth family over 60 years ago,” Moffitt reported. “They retained ownership of their community up until the recent sale.” The buyer, an individual/personal trust, was also procured by Moffitt and Burke. Moffitt explained, “The buyer owns and manages other properties throughout the east valley, so they were eager to obtain this new asset. This acquisition will really complement their existing portfolio.”
Farnsworth Apartments is located at 315-321 North Higley Road in Mesa, Arizona. The property is part of Dreamland Villas, a 55+ community. Built in 1966, the single-story 30-unit community is comprised of 18 one-bedroom/one-bathroom units, 10 two-bedroom/two-bathroom units, and two two-bedroom/two-bathroom units. The Farnsworth Apartments have easy access to both the Loop 202 and Interstate-60 freeways. In addition to many restaurants and retail centers, residents are only minutes away from Banner Baywood Medical Center and Falcon Field Airport.
Chipotle, AT&T, & Cici’s in Mesa
Marcus & Millichap announced the sale of a 9,198-square foot retail property with three corporate-leased tenants, Chipotle, AT&T, & Cici’s, located in Mesa, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $6,480,000.
Jamie Medress, Mark Ruble and Chris Lind, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the retail property on behalf of the seller, a partnership. The property, an out-parcel to a Target-anchored shopping center, is located at 1411 South Power Rd in Mesa where it is visible to over 49,000 vehicles per day. Positioned directly off US-60 and 2.5 miles from AZ-Loop 202, it can be easily accessed by the 270,000+ residents within a five-mile radius.
8-unit apartment complex in Phoenix
Marcus & Millichap announced the sale of an eight-unit apartment property located at 375 West Pierson Street in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $950,000.
The buyer, a private investor, was procured by Christian Trujillo, an investment specialist in Marcus & Millichap’s Phoenix office. “We assisted the southern California buyer in the acquisition of his first multifamily property here in Phoenix,” Trujillo stated. “The buyer was seeking a value-add opportunity that would allow him to begin capital improvement projects on day one after the purchase. Once renovated, these townhome style units in the Pierson Historic District are expected to demand significant rental gains.”
The property consists of eight townhome-style units totaling 8,200 square feet. The unit mix ranges greatly from a one-bedroom/one-bathroom unit, a two-bedroom/one-bathroom unit, four three-bedroom/one-bathroom units, a three-bedroom/two-bathroom unit, to a four-bedroom/two-bathroom unit.
Amphi Gardens
Marcus & Millichap announced the sale of Amphi Gardens, a 24-unit apartment property located in Tucson, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Tucson and Phoenix offices, the asset sold for $1,725,000.
James K. Crawley and Hamid Panahi, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the sellers, two family trusts. “The sellers had enjoyed an unprecedented 55 years of continuous ownership of Amphi Gardens,” Crawley stated. “Offering a mix of large two- and three-bedroom units in the Hedrick Acres neighborhood, the single-story community has been meticulously maintained for five decades.”
“The property presented an opportunity to both increase rents and reposition the classic condition interiors to match what other communities are experiencing within the neighborhood. Due to its proximity north of the University and the Campbell Avenue Retail Corridor, Hedrick Acres has seen an influx of capital investment with corresponding rent premiums,” Crawley explained.
Amphi Gardens is located at 2853-2939 North Euclid Avenue in Tucson, Arizona. The 24-unit community, situated on 1.75 acres consists of 12 two-bedroom/one-bathroom units and 12 three-bedroom/two-bathroom units averaging 1,050 square feet. The community was developed in 1964 with burnt adobe brick construction. Apartment interiors feature well equipped-kitchens, an electric range, and washer/dryer hook-ups. Community amenities include a sparkling pool, individual car ports, and large grass courtyards.
49th Place Apartments
Marcus & Millichap announced the sale of 49th Place Apartments, a nine-unit apartment community located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $960,000.
Christian Trujillo, an investment specialist in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, also a private investor, was procured by Paul Bay, another investment specialist in the firm’s Phoenix office. Trujillo explained, “This property presented significant yield upside for the buyer, with major capital investments including the roof and storm drains already replaced within the last year. This is the buyer’s third acquisition here in Phoenix, and he plans to continue renovations on the interior to realize rental gains in the near future.”
49th Place Apartments is located at 2040 North 49th Place in Phoenix, situated north of Papago Park and encompassed by the prominent employment cores and major developments of east Phoenix. Developed in 1961, the single-story property is comprised of four spacious one-bedroom units and four two-bedroom/one-bath units, as well as one additional non-conforming one-bedroom unit. Amenities include an assigned storage closet and two reserved parking spaces, one of which is covered. The community offers residents a large communal courtyard, on-site laundry center, new exterior paint, and recently replaced roofing in 2018. The location affords residents connectivity to the nearby 44th Street/Gateway, Airport, and Papago Park employment centers. The Grand at Papago Park, currently under construction approximately three miles south of the property, will add more than 3.2-million square feet of Class A office, industrial, and flex space to the Papago Park Center. This highly anticipated development will bring the total employment to 18,000 at full-build out.
Burger King
Marcus & Millichap announced the sale of Burger King, a 3,237-square foot triple-net-leased property located in Buckeye, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $1,525,000.
The buyer, a partnership, was procured by Chris Lind, Jamie Medress and Mark Ruble, investment specialists in Marcus & Millichap’s Phoenix office. Burger King is located at 1315 South Watson Road in Buckeye, Arizona about one mile south of Interstate-10 surrounded by dense residential neighborhood. The property has great visibility from Yuma Road, which sees more than 23,000 vehicles per day, as well as Watson Road, which sees more than 14,000 vehicles per day.
Ocotillo Estates
Marcus & Millichap announced the sale of Ocotillo Estates, a 47-unit apartment property located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $5,000,000.
Paul Bay, an investment specialist in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a private investor. Bay also procured the buyer, a limited liability company. “Ocotillo Estates is located in a rapidly improving submarket with room for significant rental growth,” Bay explained. “The buyer plans to use their extensive experience in the submarket to execute a full renovation and rebranding of the subject property in the coming months.”
Ocotillo Estates is located at 6702 North 17th Avenue immediately south of the North Mountain Redevelopment Area along North 17th Avenue. This region has been seeing expansive redevelopment and revitalization. Developed in 1979, Ocotillo Estates consists of two studios, 17 one-bedroom/one-bathroom units, and 28 two-bedroom/two-bathroom units. The property has seen light renovations with community amenities including ample covered parking, 24-hour controlled access security gate, and an on-site management office. It also features individual metering for electricity. The complex is conveniently located half a mile from the Glendale Avenue/19th Avenue Valley Metro Light Rail station.
The Vintage
Marcus & Millichap announced the sale of The Vintage, a 13-unit apartment property located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $1,515,000.
The buyer, an individual/personal trust, was secured and represented by Paul Bay and Christian Trujillo, investment specialists in Marcus & Millichap’s Phoenix office. “This was an opportunistic sale for the seller, given the low inventory in this up-town neighborhood,” explained Trujillo. “Our buyer was primed and ready to execute immediately once they learned about this opportunity, and we were able to aid them in closing on the property shortly after.” The eager buyer plans to fully renovate the interiors and all exterior amenities of the property right away.
The Vintage is located at 6502 North 12th Street in Phoenix, Arizona. It contains one studio, six two-bedroom/one-bathroom units, four two-bedroom/one-bathroom units, and two three-bedroom/two-bathroom units. This old-fashioned multifamily dwelling is surrounded by grass and large trees and is a quick commute to the 51 Highway and is near Piestewa Peak Trails as well as a cluster of shops on North 7th Street.
Dollar General
Marcus & Millichap announced the sale of Dollar General, a 9,014-square foot net-leased property located in Chandler, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $858,000.
Jonathan Eckerd, Chris Lind, Jamie Medress and Mark Ruble, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. “Our experience in selling net-leased properties helped us to fully understand the market for a Dollar General with a short-term lease. By utilizing that understanding and leveraging the Marcus & Millichap platform, we were able to generate numerous offers on the property,” Eckerd stated. “We ultimately procured the most qualified buyer and sold the asset for 99% of the list price.”
Dollar General is located at 400 West Ray Road in Chandler, Arizona. In recent years, Chandler’s borders have been expanded and the population has boomed from 30,000 in 1980 to more than 240,000 today. The property has excellent visibility with about 29,300 vehicles per day passing along West Ray Road.
Family Dollar
Marcus & Millichap announced the sale of Family Dollar, a 8,400-square foot net-leased property located in Tucson, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office. The asset sold for $1,665,000.
Zack House, Chris Lind, Jamie Medress and Mark Ruble, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. “The brand-new 2019 construction and new 10-year lease with corporate guaranty made this Family Dollar asset extremely desirable to potential buyers,” House stated. “The property ultimately sold within one week of the store opening to a 1031 exchange buyer out of California.”
Family Dollar is located at the northwest corner of West Irvington Road and South 9th Avenue in Tucson, Arizona. Tucson Spectrum, a 1,100,000-square-foot shopping center, is just 1.1 miles west of the property and contributes to the 27,400 vehicles per day that pass along West Irvington Road, giving great visibility to the property. Situated less than one mile off the Interstate-19, the location affords quick access to downtown Tucson and The University of Arizona.
