Brian Tranetzki and Rich Butler, multifamily investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing assignment to market the property and negotiated the transaction on behalf of the seller, a private capital investor out of Southern California. Brock Danielson from KW Commercial Represented the Buyer, a private investor from Vancouver Canada.
“Lexington Court Apartments is within walking distance of Arizona State University’s downtown campus and is close to numerous boutique restaurants and retail shops,” says Tranetzki. “This property is one of the few remaining midcentury un-refurbished apartment communities in the downtown area. It is surrounded by new townhomes and condos; the buyer intends to eventually build a larger class ‘A’ apartment community on the site. The future development will be fitting for the continued growth and redevelopment of the downtown area,” adds Tranetzki.
Built in 1963, Lexington Court consists of block, cement and steel construction and offers patios and covered parking for each unit. Located along 7th Street and Portland, the property has immediate access to Interstate 10 and direct access into the hub of the central business district of Phoenix.
“The location of this asset is superb,” says Butler. “Central Phoenix is home to ASU’s $219 million Downtown Walter Cronkite School of Journalism as well as their College of Nursing; the University of Arizona has also recently opened its medical school on the Phoenix Biomedical Campus. Hospitals in the area include Banner Good Samaritan, St. Luke’s Medical Center, St. Joseph’s Hospital and Phoenix Children’s Hospital.”