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 Revival on Thomas, a 155-unit apartment complex in Phoenix. The property sold for $21 million, which equates to $135,484 per unit.
“Revival on Thomas is located just south of the prestigious Arcadia submarket where some of the metropolitan area’s trendiest and most expensive real estate is found,” said Rich Butler, senior vice president investments in Marcus & Millichap’s Phoenix office. “The area’s growing number of restaurants, bars, breweries, and shopping centers has made it a viable alternative to living in Downtown Phoenix, Tempe or Scottsdale for young professionals.” Butler negotiated the sale on behalf of the seller, a local private investor. The buyer is an out-of-state investor.
The property is located at 5008 East Thomas Road in Phoenix near Phoenix Sky Harbor International Airport, the Phoenix Zoo and Botanical Gardens, Camelback Mountain, and the Red Mountain Freeway/Loop 202, the Hohokam Expressway/State Route 143 and the Piestewa Freeway/State Highway 51. Built in 1979 and renovated in 2018, Revival on Thomas is comprised of well-designed studio, one- and two-bedroom units that include updated electric kitchens, individual water heaters, air conditioning, ceiling fans, and walk-in closets. Exterior improvements include a new security gate, covered parking, a leasing office with adjoining fitness center and a resort-style pool and spa.