Marcus & Millichap has sold Marble Creek, a 244-unit apartment property in Phoenix. The asset sold for $12,100,000.
Cliff David, a 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 on behalf of the seller, Birchard Group LLC. David and Gebing also procured the buyer, Marble Creek LLC. The property is located at 5601 West McDowell Road in Phoenix.
“Marble Creek enjoys a southwest Valley location that is largely populated by industrial and distribution space,” says David. “The area’s more than 89 million square feet of industrial and distribution inventory make it a premier location for commerce.”
The Arizona Department of Transportation is expanding the Loop 202 network with a future connection point at Interstate 10 and 59th Avenue, which is approximately one and one-half miles southwest of Marble Creek. Upon completion, transport trucks carrying goods through the region will be able to bypass central Phoenix, making for quicker travel and lower distribution costs and potentially leading to increased demand for industrial and distribution space along with more jobs and higher employee wages.
Marble Creek is situated on 9.72 acres and the north side of the property is passed by 28,206 vehicles per day. The community is composed of one-bedroom/one-bath apartments, two-bedroom/one-bath units and two-bedroom/two-bath apartment homes complete with full-size electric appliances, oversized closets, and enclosed private patios or balconies with individual storage capabilities. Select units feature two-tone paint, microwave ovens, and dining room ceiling fans. Community amenities include a clubhouse with kitchenette, a swimming pool, a fitness center equipped with cardio- and weight-training equipment, two saunas, an enclosed mail collection space, a children’s playground, soccer field, tether ball pole, and a designated barbecue area with covered gazebo. Five on-site laundry facilities, reserved covered parking, secured, gated access, and complimentary Wi-Fi connectivity in the clubhouse and pool area round out the community’s common area amenities.
