Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Legacy Bungalows, a 200-unit multifamily asset in Phoenix. The property sold for $26.1 million, which equates to $130,500 per unit.

“Located adjacent to Downtown Phoenix, Legacy Bungalows presents new ownership with a prime opportunity to deploy a tiered unit interior renovation program in a partially affordable housing community,” said Steve Gebing, IPA senior managing director. Gebing and Cliff David, IPA senior managing director, represented the seller, Legacy Partners, and procured the buyer, ReNUE Properties.

The property is easily accessible from interstates 10 and 17, State Route 51, U.S. Route 60 and Loop 202. The location offers residents easy connectivity to the growing infrastructure of midtown and downtown Phoenix, including the Southwest Valley Industrial Corridor, the Airport Area, and the 44th Street and Gateway corridors. There are approximately 371,000 professionals employed by about 6,100 established companies within a five-mile radius. Chase Field, home to Major League Baseball’s Arizona Diamondbacks and the Talking Stick Resort Arena, home of the National Basketball Association’s Phoenix Suns, are less than two miles from the community and the Roosevelt Row Artists’ District is a mile away. Completed in 2002 on 6.4 acres, Legacy Bungalows’ one-, two- and three-bedroom apartments have nine-foot or higher ceilings and an average unit size of 852 square feet.

Marcus & Millichap sells industrial/flex property in Scottsdale

Marcus & Millichap (NYSE: MMI) announced the sale of 7601 East Gray Road, a 19,747-square-foot multi-tenant industrial/flex property located in Scottsdale, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $3,035,000.

Jay Krew, 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. By exclusively marketing to the firm’s clients and internal network of agents, Krew identified a group of investors specifically searching for 1031 exchange properties in the valley. After receiving multiple offers on the asset, Krew was able to procure the buyer, an investor in a 1031 exchange. Krew explained, “The buyer recently moved into the Phoenix area and was looking to liquidate a lower-yielding San Francisco multi-family property into a higher-yielding industrial property in the prestigious Scottsdale Airpark.”

The property is located at 7601 East Gray Road in Scottsdale, Arizona, just a few blocks east of the Scottsdale Airpark airstrip and near the Loop 101. The subject property is 100% occupied by eight tenants. The property features small-bay units consisting of traditional office/administrative, showroom, and warehouse space to support a variety of tenant usage.