Marcus & Millichap Real Estate Investment Services has announced the sale of Toscana Apartments, a 24-unit apartment community located in Central Phoenix, Arizona. The asset commanded a sales price of $1,750,000 or $72,917 per unit.
Brian Tranetzki and Rich Butler, multifamily investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing assignment to market the property and negotiated the transaction on behalf of the seller, an investment partnership from Berkeley, California and the buyer, a local private 1031 exchange investor.
“Toscana Apartments is a boutique apartment community nestled between the prestigious Biltmore neighborhood and the Central Avenue Corridor in Phoenix. Toscana is one of the most unique properties in Central Phoenix in that no two floor plans are alike; there are numerous poolside units along with apartment units that are located in a huge, picturesque garden area not typical for a Phoenix setting. Select floor plans contain fireplaces, skylights and backyards.” says Tranetzki.
Built in phases beginning in 1949, Toscana Apartments consists of block construction, pitched roofs and covered parking for each unit. Situated at Bethany Home Road and 10th Street, the subject property is located in one of central Phoenix’s highest demand residential areas.
“Approximately one mile to the south of Toscana Apartments is the Camelback Corridor, one of the region’s premier urban centers with over 9 million square-feet of multi-tenant office space and approximately 951,000 square feet of shops and restaurants in two landmark shopping centers, The Shops at Town & Country and Camelback Colonnade. Biltmore Fashion Park is located approximately one mile from the subject property at the northeast corner of 24th Street and Camelback.” adds Butler.