PHOENIX, ARIZ. – July 11, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Franmar Manor Apartments, a 78-unit multifamily community located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset commanded a sales price of $8,500,000 or $108,974 per unit.
Rich Butler, a Senior Vice President Investments in Marcus & Millichap’s Phoenix office as well as Sean Connolly, a multifamily specialist in the Phoenix office negotiated the sale on behalf of both the seller and buyer.
“Built in 1971, Franmar Manor Apartments is comprised of one, two and three-bedroom units. Because of the attractive acquisition financing, the new buyer plans to invest almost $3 million into the interiors and exterior of the property taking advantage of the extremely high demand for affordable housing rental inventory in this submarket.” said Butler.
“Franmar Manor is located within close proximity to both the I–10 and I–17 which connect residents to all parts of Arizona in addition to Christown Spectrum Mall, Ak–Chin Pavilion as well as the entertainment and nightlife of downtown Phoenix. With its rich history, diverse culture, award–winning restaurants, as well as sporting events and concerts, downtown Phoenix has become a vibrant epicenter for business and fun. The dynamically expanding Grand Canyon University is just four miles north of the subject property, offering employment and educational opportunities for residents. The property also offers ease of access into all parts of the Valley including Sky Harbor International Airport, Arizona State University, the vibrant I-17 business corridor, and the booming southeast Valley,” added Connolly.
Franmar Manor Apartments is located at 3825 West McDowell Road in Phoenix, Arizona.
About Marcus & Millichap (NYSE: MMI)
With nearly 2000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,472 transactions in 2018 with a value of approximately $46.4 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.