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 S&T Plaza Apartments, a 72-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 $8,300,000 or $115,278 per unit.
Rich Butler, a Senior Vice President Investments in Marcus & Millichap’s Phoenix office, negotiated the sale on behalf of the buyer, an out-of-state 1031 exchange client. “Built in 1982 and completely renovated in 2019, S&T Plaza Apartments is comprised of one and two-bedroom units that have experienced major interior renovations including upgraded granite countertops, full sized new appliances (including washer and dryers) and wood laminate floors. The property has also undergone major exterior improvements within the last year such as all new HVACs, new windows and doors, resurfaced pool and deck, a new leasing office and additional laundry and storage room,” said Butler.
The property is located at 2130 West Indian School Road in Phoenix, Arizona. “S&T Plaza Apartments is near Interstate-17, which connects residents to all parts of the valley including downtown Phoenix and the surrounding metro area. Residents also enjoy easy access to the Phoenix Metro Light Rail Station which offers alternative transportation options to connect with popular employment corridors such as Downtown Phoenix, the highest concentration of employment in the state. Only two blocks to the west of S&T Plaza Apartments is Grand Canyon University, which has over 20,000 on-campus students and is projected to exceed 30,000 students in the coming years,” added Butler.
