Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Level at Sixteenth, a 240-unit, mid-rise apartment community in the urban core of Phoenix, Arizona. The property traded at $69.1 million, or $287,917 per unit.
“Transformed from an obsolete 1950s-vintage retail center into a luxury multifamily community in 2010, Level at Sixteenth is a modern, podium-constructed asset with a recognizable value-add opportunity,” said Steve Gebing, IPA executive managing director. “The scarcity of developable land in the area supports investment by providing shelter from future multifamily competition.” Gebing and IPA executive managing director Cliff David represented the seller, an affiliate of Abacus Capital Group and procured the buyer, Sares Regis Group.
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The property is south of the intersection of 16th Street and Camelback Road, immediately adjacent to State Route 51, giving residents direct access to Phoenix’s Biltmore, Midtown, and Downtown neighborhoods. The Camelback Corridor is home to numerous financial and business services institutions, 46,000 jobs and 865 businesses. Creighton University School of Medicine, Uptown Plaza, Camelback Colonnade, and The Shops at Town & Country are two miles away.
Level at Sixteenth’s apartment interiors have nine-plus foot ceilings, private laundry areas and walk-in showers with ceramic tile. The average unit size is 800 square feet. A central feature of the property is its leasing office clubhouse with resident lounge, fireplace, demonstration kitchen, 8-foot multimedia video wall and billiards table.
Marcus & Millichap sells manufactured home community in Quartzsite
Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Mountain Quail MH & RV Park, a 11.07-acre manufactured homes community located in Quartzsite, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $1,500,000.
Michael Escobedo, an investment specialist in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a private investor and first-time mobile home park owner, was procured by Escobedo. “The buyer plans to spend the warm months at the park while managing it and explore the hundred miles off-road trails in Quartzsite,” said Escobedo. Tyler Waller, associate director for Marcus & Millichap Capital Corporation at the firm’s Phoenix office, helped with financing the deal.
Built in 1987, Mountain Quail Mobile Home & RV Park is comprised of 92 total RV and mobile home sites. The site density was 7.98 sites per acre. This 55+ senior designated community was 95% occupied at the time of sale. Mountain Quail Mobile Home & RV Park is located at 490 Moon Mountain Street in Quartzsite, Arizona.
Marcus & Millichap sells Super Star Car Wash
Marcus & Millichap announced today the sale of Super Star Car Wash, a 3,538-square-foot net-leased property located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $4,050,250.
Zack House, Mark Ruble and Chris Lind, 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.
Built in 2013, Super Star Car Wash is located at 2020 West Northern Avenue in Phoenix, Arizona. The property rests on a 0.81-acre lot with excellent visibility along West Northern Avenue, which hosts over 33,800 cars per day. Super Star Car Wash is also easily accessible to 440,343 residents within a five-mile radius of the dense Phoenix infill location.
Marcus & Millichap arranges the sale of NextCare Urgent Care
Marcus & Millichap announced today the sale of NextCare Urgent Care, a 4,520-square-foot net-leased property located in Goodyear, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $2,500,000.
Mark Ruble and Chris Lind, 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 buyer, a limited liability company, was procured by Ruble and Lind.
Built in 2017, NextCare Urgent Care rests on 0.33 acres of land in a rapidly growing trade area. Population within a five-mile radius of the property is projected to increase 15 percent by 2025. NextCare Urgent Care is located at 17688 West Elliot Road in Goodyear, Arizona, at the double-entry to the Estrella Master-Planned Community.
Marcus & Millichap arranges the sale of EoS Fitness
Marcus & Millichap announced today the sale of EoS Fitness, a 38,000-square-foot net-leased property located in Tempe, Arizona. According to John Vorsheck, regional manager of the firm’s San Diego Del Mar office, the asset sold for $9,628,000.
Mark Thiel, senior managing director investments in Marcus & Millichap’s San Diego Del Mar office, had the exclusive listing to market the property on behalf of a private preferred developer for EOS Fitness. The out-of-state buyer, MAR Group, was procured by Thiel. Attractive long-term financing boosted yield for the buyer. The off-market transaction outperformed comparable sales throughout the pandemic. Ryan Sarbinoff, regional manager and broker of record in Marcus & Millichap’s Phoenix office, assisted in closing this deal.
Built in 2020 as a brand new built-to-suit prototype with a 15-year lease term, this property features full-service amenities including cardio cinemas, cycling studios, pools, hot tubs and more. EoS Fitness is a market leader in the high-value, low-price model. Located at 1727 West Ranch Road in Tempe, Arizona, EoS Fitness is accessible to 238,101 people with an average household income of $103,587 within a five-mile radius.
