Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Bella Place, a 280-unit apartment property located in Phoenix, according to Don Morrow, regional manager of the firm’s Phoenix office. The asset sold for $7,725,000 which equates to $27,589 per unit.
Cliff David, a Marcus & Millichap vice president investments, and Steve Gebing, a senior director with Institutional Property Advisors, a Marcus & Millichap company, both located in the firm’s Phoenix office, represented the seller, Mentor Properties Inc. The buyer, an individual/personal trust, was secured and represented by Pete Te Kampe, a Marcus & Millichap vice president investments, also located in the firm’s Phoenix office.
“Bella Place is strategically located west of the Central Avenue Office Corridor in Phoenix, one of the most prominent office and employment concentrations in the metro region with over 13 million square feet of office space and more than 60,000 employees ,” says David.
The property is situated on 9.50 acres at 2025 West Indian School Road, featuring a street window of 658 linear feet, promoting drive-by visibility to over 62,000 vehicles per day. “This is a notable benefit from a leasing standpoint, having the ability to generate resident prospects in large volume through walk-in traffic is a distinct community advantage,” adds David.
Developed by Lincoln Property Co. in 1973, Bella Place features unit interiors complete with a fully equipped kitchen including a frost-free refrigerator, chrome finish faucet, laminate countertops, dark wood cabinetry, stainless steel sink, and garbage disposal. Select units also feature a walk-in closet; resurfaced bath tubs and countertops, new shower valves, brushed nickel hardware, and wood-style vinyl flooring in the high traffic areas.
Community amenities include two swimming pools, one spa, two common barbecue areas, and two on-site coin operated laundry facilities with new laundry equipment. The leasing office was enhanced to offer a new fitness facility, internet center, and DVD library. Furthermore, the property exterior was upgraded to include new exterior paint, new roofs, two tank-less domestic hot-water boilers, resurfaced parking lot, second floor deck work, and perimeter fencing. In total, the asset has benefited from over $700,000 in exterior capital improvement, invested intelligently to boost revenue and increase resident retention.