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 Arizona Sun, a 58-unit apartment property located in Tempe, AZ, according to Don Morrow, regional manager of the firm’s Phoenix office. The asset sold for $3,675,000.
Pete Te Kampe, an investment specialist in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was secured and represented by Pete Te Kampe.
Arizona Sun is located at 1895 & 1901 East Don Carlos Avenue in Tempe, AZ. This asset was purchased as an acquisition and rehab project through a tax credit award from the Arizona Department of Housing.