Phoenix, Arizona – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Canyon Greens Apartments, a 44-unit apartment property located in Phoenix. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $3,360,000.
Darrell Moffitt, an investment specialist in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. “We represented the seller in the acquisition of this property in mid-2018. The seller repositioned the asset with updated unit interiors and increased rents,” Moffitt explained. “During our marketing campaign, we successfully leveraged new features and highly desirable property traits into considerable interest from multiple buyers.”
The buyer, an individual/personal trust, was procured by Paul Bay, another investment specialist in the firm’s Phoenix office. “We represented the buyer in late 2018 in the acquisition of a property located less than half a mile from Canyon Greens. The buyer was motivated to obtain a second comparable asset in the region allowing him to attain a better operational scale,” Bay stated.
Canyon Greens Apartments is located at 6310 North Black Canyon Highway in Central Phoenix, just minutes west of the Metro Light Rail, Christown Mall, and Midtown/Downtown Phoenix. The property is one block east of the Interstate-17 and 1.3 miles north of the Interstate-10, granting residents easy access to the entire Phoenix metro area. Built in 1972, the property has 28,676 rentable square feet positioned on a 1.06-acre lot. The unit mix consists of two studios, 38 one-bedroom/one-bathroom units, and four two-bedroom/one-bathroom units. Kitchens, bathrooms, flooring and lighting have been recently upgraded in 65% of the units.
About Marcus & Millichap (NYSE: MMI)
With nearly 2000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,472 transactions in 2018 with a value of approximately $46.4 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.