The Phoenix office of commercial real estate investment services firm, Marcus & Millichap (NYSE: MMI), completed the sale of The Shorewood, a recently renovated mid-century art deco style apartment building in the Midtown Phoenix corridor.
The apartments sold for $2,650,000 or $126,190 a unit, and are located at 3601 N. 5th Ave. in Phoenix.
Brian Tranetzki and Rich Butler, multifamily investment specialists in Marcus & Millichap’s Phoenix office had the exclusive listing and negotiated the transaction.
The apartments are located a half mile from Osborn Road and Central Avenue light rail station, and has easy access to major freeways in the area such as Interstate 10, State Route 52 and the Loop 202, Butler said.
“Shorewood features well designed units, many including vaulted ceilings and in suite washer and dryers. Newly remodeled interiors include a new white appliance package, electric ovens, dishwashers, stainless steel sinks, new countertops with glass tile backsplash and wood-plank style floors. Also featured are private patios and balconies, oversized mid-century styled windows and open bar top kitchen spaces. Community amenities include a newly remodeled cabana style pool with sitting areas featuring modern style furniture, a barbeque area, urban style desert landscaping, and mature trees,” Tranetzki said.
