Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced the sale of Eagle Crest, a 408-unit multifamily asset located near the Arrowhead Ranch master-planned community in Glendale, Arizona. The property sold for $55 million, which equates to $134,804 per unit.
“The global health crisis has not eroded the appeal of Greater Phoenix’s low population density and cost of living,” said Cliff David, IPA executive managing director.“With more than 77,000 new residents in 2019, Phoenix led the nation in net in-migration and this trend is likely to accelerate in the current environment.” David, Steve Gebing, IPA executive managing director, and Marty Cohan, senior vice president investments in Marcus & Millichap’s West Los Angeles office, represented the seller, a private family trust, and procured the buyer, S2 Capital. Ryan Sarbinoff, vice president and regional manager is the firm’s broker of record in Arizona. “Companies also continue to move and expand in the Phoenix area,” added Gebing. “Expanding logistical operations in the market and the metro’s industrial sector are benefiting from an increased presence among manufacturers.”
Constructed in 1987 on a 16-acre park-like setting, Eagle Crest is 20 miles northwest of Downtown Phoenix near Arrowhead Towne Center, P83 Entertainment District and the dynamic Bell Road Retail Corridor. The area is easily accessible from Loop 101, Interstates 17 and 10, and Phoenix Sky Harbor International Airport. Arizona State University West Campus and Midwestern University are within five miles of the property.
“The affluent Arrowhead community surrounding Eagle Crest safeguards the property against future multifamily development,” said Cohan. “This, coupled with the preservation of the asset and care displayed by the seller over their 30-year ownership is tremendous, making the value-add potential for this property unequivocal.”
Marcus & Millichap sells O’Reilly Auto Parts in Yuma
Marcus & Millichap announced today the sale of O’Reilly Auto Parts, a 7,000-square-foot net-lease property located in Yuma, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $1,300,000.
“Maximum exposure led to multiple competitive offers resulting in the highest probability transaction with a 1031 tax exchange buyer,” said Sanford Burstyn in Marcus & Millichap’s Phoenix office. Burstyn had the listing to market the asset and procured the 1031 exchange buyer from San Diego, California.
O’Reilly Auto Parts is located at 11274 South Fortuna Road in Yuma, Arizona. The building was built in 2003, is well-exposed to heavy traffic, great access, abundant parking, includes its own monument sign and upside in rent.
Marcus & Millichap sells Ocotillo Oasis in Glendale
Marcus & Millichap announced today the sale of Ocotillo Oasis, a 42-unit apartment property located in Glendale, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $4,925,000.
“Located less than one mile west of downtown Glendale and the Grand Avenue Expressway, Ocotillo Oasis is positioned with nearby access to retail and major transit into downtown Phoenix,” said Paul Bay, vice president investments in Marcus & Millichap’s Phoenix office. “Future ownership will have the opportunity to execute a programmatic interior renovation program including the incorporation of in-suite laundry across all units,” he added. Bay had the exclusive listing to market the property on behalf of the seller and procured the buyer, both individual/personal trusts.
Ocotillo Oasis is located at 6220 West Ocotillo Road in Glendale, Arizona. The first 32 units were built in 1984, and the final ten units were added in the second phase of building in 2016 for a total of 42 units. The unit mix consists of 24 one-bedroom/one-bathrooms and 18 two-bedroom/one-bathrooms. Amenities at Ocotillo Oasis include a swimming pool, community laundry, playground, dog run, cantilevered carports and LED emergency lighting.
Marcus & Millichap sells Phoenix multifamily property for $3,775,000
Marcus & Millichap announced today the sale of Augusta Cove Apartments, a 45-unit apartment property located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the assetcommanded a sales price of $3,775,000 or $83,889 per unit.
“Marcus & Millichap was awarded the exclusive listing because of our ability to locate decisive, high probability buyers through our broad marketing campaign,” said Richard Butler, senior vice president investments in Marcus & Millichap’s Phoenix office. “Even with the lenders’ nervousness of property collections through COVID, we were able to go into escrow and close with a buyer who previously invested in add-value deals in the Black Canyon corridor,” he added.
“Augusta Cove has huge potential due to its predominantly two-bedroom unit mix and low-density layout,” explained Sean Connolly, investment specialist also in the firm’s Phoenix office. “The buyer will invest significant capital to reposition the property and take advantage of high renter demand.”
Butler and Connolly had the exclusive listing to market the property on behalf of the seller, an out-of-state family partnership. The buyer, a limited liability company, was also procured by Butler and Connolly.
Built in 1959, Augusta Cove Apartments is located at 2420-2844 West Augusta Avenue in Phoenix, Arizona and is comprised of 2 studios, 14 one-bedroom, 27 two-bedroom, and 2 three-bedroom units.
Marcus & Millichap arranges the sale of Revival Midtown
Marcus & Millichap announced today the sale of Revival Midtown, a 35-unit apartment property located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset commanded a sales price of $6,400,000 or $182,587 per unit.
“The seller has trusted Marcus & Millichap’s marketing system for many years and knows we will locate the perfect buyer with a broadly exposed marketing campaign,” explained Richard Butler, senior vice president investments in Marcus & Millichap’s Phoenix office. Butler had the exclusive listing to market the property on behalf of the seller, a local limited liability partnership.
“Since 2017, the seller has invested over $1,200,000 of capital into the renovation of this A-located asset. After completion of these interior and exterior improvements, a local all-cash first-time apartment investor was located through an outside brokerage firm and we closed in less than 30 days total,” added Butler.
Revival Midtown is located at 1220 East Medlock Drive in Phoenix, Arizona. The unit mix consists of 16 one-bedroom/one-bathroom units and 19 two-bedroom/two-bathroom units.