PHOENIX, ARIZ. – 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 2201 E. Roosevelt, a 22-unit apartment property located in Phoenix, AZ, according to Ryan Sarbinoff, regional manager of the firm’s Phoenix office. The asset sold for $1,750,000.
Richard Butler, a Senior Vice President Investments specializing in multifamily product in Marcus & Millichap’s Phoenix office had the exclusive listing and negotiated the transaction on behalf of the seller, a local family partnership and the buyer, an out-of-state exchange investor.
“Built in 1963, 2201 E. Roosevelt is comprised of recently remodeled studio apartment homes. All units are partially furnished and include new faux wood laminate flooring, new windows and double entry French doors, updated bathrooms and kitchens with granite countertops, as well as new individual HVAC units. In addition to the interior upgrades, the owner has also invested in exterior enhancements including security entrances, paved courtyard and driveway, barbecue area with granite bar, as well as updated landscaping,” said Butler.
“2201 E. Roosevelt is located in close proximity to popular destinations such as Piestawa Peak Park, Celebrity Theatre, Encanto Park, and downtown Phoenix, which has grown into Arizona’s urban center providing year-round activities and entertainment for people of all ages. With its rich history, diverse culture, award-winning restaurants, as well as sporting events and concerts, downtown Phoenix has become a vibrant epicenter for business and fun. The Valley Metro light rail line, connecting downtown Phoenix with Sky Harbor as well as ASU operates along Washington Street (just 1.5 miles to the south), and services approximately 49,000 persons daily and has become the twelfth busiest system in the country,” added Butler.