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 Mode at 18, a recently renovated boutique apartment building in the Central Phoenix, Arizona. The asset commanded a sales price of $1,995,000 or $110,833/unit.
Brian Tranetzki and Rich Butler, multifamily investment specialists in Marcus & Millichap’s Phoenix office, negotiated the transaction on behalf of both the buyer, a private investor from Scottsdale, Ariz. and the seller, Mode Apartments of Phoenix.
“Mode at 18 is located just south of Osborn road off 18th street in the Central Phoenix area and is minutes away from the Central Avenue office corridor. Also minutes away is the downtown Phoenix area which boasts attractions such as Arizona State University’s Phoenix campus, Chase Field, US Airways Center and numerous urban and boutique entertainment venues, restaurants and local coffee shops,” said Tranetzki.
The property is located at 3311 North 18th Street in Phoenix.
“Recently, Mode at 18 was extensively remodeled to include in-suite laundry, polished concrete flooring, new contemporary cabinetry, glass tile backsplashes, stainless steel appliances, porcelain tile shower surrounds with new fixtures, and premium lighting. The revamped exterior features new covered parking, a sandblasted block facade, contemporary metal monument sign, composite wood access gates with keyed entry, new xeriscape landscaping and expanded pool area with built in outdoor grilling station,” said Butler.