Marcus & Millichap announced the sale of River Park Apartments, a 176-unit apartment property in Yuma, Ariz. The asset sold for $13.2 million, which equates to $75,000 per unit.
Michael Hubl, vice president investments and director of Marcus & Millichap’s National Multi Housing Group in Phoenix, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Lake Oswego, Ore. Hubl also sourced and represented the buyer, a Centerville, Utah-based limited liability company.
“River Park is a resort-like apartment complex located on the most highly trafficked residential intersection in Yuma,” says Hubl. “Approximately 99 percent occupied at the time of sale, the property features 22 fully furnished corporate suites that serve Yuma’s many seasonal visitors and business travelers.”
Constructed in 1986, River Park Apartments is located on the corner of Avenue B and 24th Street at 2575 West 24th St. in Yuma. The complex features 64 one-bedroom/one-bath units, 16 two-bedroom/one-bath apartments, 96 two-bedroom/two-bath units, a heated swimming pool and spa.
