Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Sonoma View Apartments, a 126-unit multifamily community located in Mesa, AZ, according to Ryan Sarbinoff, regional manager of the firm’s Phoenix office. The asset sold for $11,450,000.
Rich Butler, a multifamily investment specialist in Marcus & Millichap’s Phoenix office, had the exclusive listing and negotiated the transaction on behalf of the seller, a local limited partnership and the buyer, an out of state investment company.
“The subject property was developed in 1985 as Desert View Apartments by Enterprise West. Most of the units (86% to be exact) are a split floor-plan at 805 square feet two bedroom/ two bath units offering fully equipped kitchens, walk-in-closets and newly installed washers and dryers. In addition to the interior upgrades, the owner has also wisely invested in exterior enhancements that include security access gates and fencing, a monument sign, exterior stacked accent stone, barbecue grilling stations, window shade screens, low-maintenance landscaping and a modern fitness center,” said Butler.
“About a mile to the south of Sonoma View is U.S. Route 60 (Superstition Freeway), offering ease of access into all parts of the valley including the Arizona State University Polytechnic Campus, Downtown Tempe, Sky Harbor International Airport, and all east valley cities including Scottsdale and Chandler. Sonoma View is also walking distance to Lindsay Marketplace, a popular shopping mall with retail tenants such as Fry’s Food and Drug, Planet Fitness, Taco Bell, Pizza Hut and Wells Fargo Bank. Adding to the neighborhood convenience is Walgreens and the U.S. Post Office, which are located on adjacent corners of Lindsay and Broadway,” added Butler.
Sonoma View Apartments are located at 3030 East Broadway Road in Mesa, Arizona.