Sale

Redwood Place is near the Metrocenter Mall, which is being rezoned (Photo courtesy of Marcus & Millichap)

June 8, 2016

AZRE

Marcus & Millichap arrange $13.8M sale

The Phoenix offices of Marcus & Millichap (NYSE: MMI) arranged the sale of Redwood Place, an 186-unit multifamily community in Phoenix. The $13,805,000 sales price measures out to more than $74,000 per unit.

“Built in 1984, Redwood Place has a collection of interior characteristics and contemporary amenities that are atypical of its era,” says Cliff David, a senior director of Marcus & Millichap’s National Multi Housing Group. “The new owner inherits the opportunity to advance the implementation of select condo-inspired interior upgrades to optimize resident demand and maximize rent revenue.”

David and Steve Gebing, a senior director of Marcus & Millichap’s Institutional Property Advisors division, represented the seller, ESI Ventures and procured the buyer, Living Well Homes.

The property is located at 2015 W. Cactus Rd. in North Phoenix near the North Interstate 17/Deer Valley Employment Corridor and the 1.3-million square-foot Metrocenter Mall, which serves as the anchor of the large city-backed revitalization district known as the North Mountain Redevelopment Area.

Community amenities at Redwood Place include controlled-access-entry, a clubhouse and leasing center with a coffee bar and a movie-rental station, and a resort-style swimming pool and spa.

Interiors feature full-size, side-by-side washers and dryers in the patio or balcony, nooks with deep counter space and oversized closets. Select units have built-in wet bars and approximately 90 percent have wall-mounted flat-screen televisions in the master bedrooms.