Marcus & Millichap, a commercial real estate investment services firm with offices throughout the United States and Canada, announces the sale of Biltmore Courtyard, a 23-unit apartment property located in Phoenix.
The asset commanded a sales price of $1.725 million, or $75,000 per unit.
Brian Tranetzki and Rich Butler, multifamily investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing and negotiated the transaction on behalf of the seller, FMB Enterprises, LLC and the buyer, a family trust located in Scottsdale.
“This sale was two properties combined, Biltmore Courtyard and Camelback Gardens, both located in the highly desirable Biltmore neighborhood. Built in 1961, Biltmore Courtyard is a block constructed, single-story community comprised of 1, 2 and 3 bedroom units. Camelback Gardens was built in 1964, is single story and offers large 2 bedroom units with enclosed back yards and a centralized swimming pool. Together the properties are situated on approximately 1.55 acres and enjoy frontage on Campbell Avenue directly across from Camelback High School,” says Butler.
The properties are located at 2707 E. Campbell Ave. and 2727 E. Campbell Ave. in Phoenix, Arizona. Their location is less than a half mile from the Biltmore Fashion Park, Camelback Esplanade and Arizona Biltmore Resort.
“This property was family owned and operated since 1996 and had a very stable, long term resident base. Being within walking distance to Camelback Road, this highly desirable location provided this exchange investor with a tremendous ownership opportunity in a very difficult location to purchase multifamily product,” says Tranetzki.