Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Tesoro, a 150-unit apartment property in Phoenix. The asset sold for $8,900,000.
Cliff David, of Marcus & Millichap vice president investments, and Steve Gebing, a senior director with Institutional Property Advisors, a division of Marcus & Millichap, both in the firm’s Phoenix office, handled the sale of behalf of the seller, AION Partners. David and Gebing also procured the buyer, Werner Investments. Tesoro is located at 8603 North 22nd Ave. in Phoenix.
“Located less than one-half mile west of the future Valley Metro light rail Northwest Phase I 3.2-mile extension line, Tesoro is well positioned to benefit from the growth of mass-transit opportunities in the region and the expanding opportunities that exist within the surrounding job economy,” says David. “Soon residents of Tesoro can enjoy walking-distance access to the 12th-busiest rail system in the country and benefit from direct access to a thriving business landscape headlined by companies such as Blue Cross Blue Shield of Arizona, Abrazo Heath, Mass Mutual, Karsten Manufacturing (Ping golf equipment), and The Art Institute of Phoenix.”
Tesoro is situated on 6.14 acres and features an oversized setback from 22nd Avenue. Developed by Clark-Wayland in 1983, the property features a mix of studio, one and two-bedroom apartment homes complete with energy efficient appliances and large pantry spaces, breakfast bars, designer ceiling fans, and a private patio/balcony with extra storage capabilities. Select units also feature upgraded interiors with black or white appliances, resurfaced countertops, wood-style vinyl flooring, and spacious closets with mirrored closet doors. Community amenities include a swimming pool and spa, barbecue stations and picnic areas, a laundry facility with new equipment, and convenient covered parking.
