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 The Shorewood, a recently renovated mid-century art deco style apartment building in the Midtown Phoenix corridor. The asset commanded a sales price of $2,650,000 or $126,190 a unit.
Brian Tranetzki and Rich Butler, multifamily investment specialists in Marcus & Millichap’s Phoenix office had the exclusive listing and negotiated the transaction.
“The Shorewood is a mid-century modernized art deco style apartment community strategically positioned within central Phoenix just west of Central Avenue, one of Phoenix’s most vital and heavily trafficked stretches of roadway. Shorewood features well designed units, many including vaulted ceilings and in suite washer and dryers.
Newly remodeled interiors include a new white appliance package, electric ovens, dishwashers, stainless steel sinks, new countertops with glass tile backsplash and wood-plank style floors. Also featured are private patios and balconies, oversized mid-century styled windows and open bar top kitchen spaces. Community amenities include a newly remodeled cabana style pool with sitting areas featuring modern style furniture, a barbeque area, urban style desert landscaping, and mature trees,” says Tranetzki.
The property is located at 3601 North 5th Avenue, Phoenix.
“Less than a half mile walking distance from the community is the Osborn Road and Central Avenue Metro Light Rail station giving residents access to the Valley’s most prominent mass transit system providing immediate transportation by train into downtown Phoenix, Tempe and Mesa. Shorewood Apartment Homes is also situated in between three major freeway systems including Interstate 10 (Maricopa Freeway), State Route 51 (Piestewa Freeway), and the Loop 202 (Red Mountain Freeway) allowing for ease of access into Sky Harbor International Airport, North Phoenix, Arizona State University as well as the East Valley, Scottsdale and the West Valley.,” adds Butler.