Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has arranged the sale of Cabana on Seventh, a 74-unit apartment property in north central Phoenix. The $5 million sales price equates to $67,568 per unit.

Steve Gebing, a senior director of Institutional Property Advisors, a division of Marcus & Millichap, along with Marcus & Millichap vice president investments Cliff David, and associate Trevor Hardy, represented the seller and procured the buyer.

“New, trendy restaurants and hip eateries are flocking to this gentrifying area,” says Gebing. “Home values in neighborhoods surrounding the property are climbing faster than in almost all other parts of the Valley, widening the affordability gap between the cost of single-family housing and rental housing, making Cabana on Seventh a prime candidate for a deep exterior and interior renovation program.”

Built in 1972 on 2.16 acres, the two-story property is located at 5615 North 7th Street in Phoenix. Community amenities include a swimming pool, fitness center, picnic area, Internet access and laundry facilities.