Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the portfolio sale of three multifamily properties in Phoenix, Arizona.
The portfolio includes Wilshire Place, a 48-unit apartment community; Canyon Greens, a 44-unit apartment community; and Maryland Palms, a 22-unit apartment community. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the assets sold for a total of $15,000,000.
“The 114-unit portfolio made up of Wilshire Place, Canyon Greens and Maryland Palms is located 2.5 miles north of Grand Canyon University, one of the nation’s largest private universities with plans of $500M in additional capital investment by 2024,” said Paul Bay, first vice president investments in Marcus & Millichap’s Phoenix office. “Buyer, Andre Golnazarian, has completed several programmatic renovations in the submarket and intends to execute a similar plan with this recent acquisition.” Bay and Darrell Moffitt, senior vice president investments in Marcus & Millichap’s Phoenix office, exclusively listed and sold all three properties on behalf of the seller(s) – both of whom were private individuals. The buyer, Andre Golnazarian, was procured by Bay and Moffitt. Golnazarian intends to brand all three properties together.
Canyon Greens is located at 6310 North Black Canyon Highway, Wilshire Place is located at 6721 North 25th Drive and Maryland Palms is located at 2507 West Maryland Avenue in Phoenix, Arizona.