Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Sterling on 28th, a 224-unit apartment community in Phoenix, Arizona. The sales price is $14.35 million.
“Sterling on 28th is a well-positioned asset that recently received a multi-tiered capital plan that included exterior enhancements and rebranding, along with the initiation of an interior renovation program,” says Cliff David, a senior director of Marcus & Millichap’s National Multi Housing Group in Phoenix. “With this acquisition, new ownership will deploy an astute, hands-on operational approach and will continue unit interior renovations, which will allow them to leverage the seller’s strategic improvements in an effort to further reposition the asset. The property also occupies space within a submarket that is experiencing notable gentrification, particularly with the transition of the 1.2 million-square foot Metrocenter mall, a one-time national flagship retail destination that is slated to morph into a different collection of uses while remaining retail centric.”
David and Steve Gebing, senior director of Marcus & Millichap’s Institutional Property Advisors (IPA) division, represented the seller, Pacific Real Estate Partners Inc., and procured the buyer, Dalan Management.
Developed in 1980 by Architectural Development Corporation, the property is located at 11821 North 28th Drive in Phoenix, one mile north of Metrocenter mall and just outside the boundary of the North Mountain Redevelopment Area (NMRA).
Sterling on 28th is situated on 8.09 acres with a large street window on 28th Drive and is composed of studio, one- and two-bedroom/two-bath apartment homes complete with a fully equipped kitchen appliance package, large pantry space, ceiling fans, oversized closets, and a private patio/balcony with extra storage capabilities.