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 1934 Fairmount, an eight-unit apartment community located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $1,050,000.
Paul Bay, investment specialist in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a developer.“1934 Fairmount is one of only a couple multifamily properties in a highly desirable residential neighborhood of the lower Biltmore submarket,” Bay explained. “Its prime location and barriers to competition make it a strong candidate for a programmatic interior renovation campaign.”
The buyer, a limited liability company, was procured by James Crawley, also an investment specialist in the firm’s Phoenix office. Crawley commented, “1934 Fairmount represents an experienced owner operator’s first acquisition in the Phoenix market. Attracted by the influx of private capital investment nearby, proximity to dense employment corridors, and lack of competing communities in the neighborhood, the buyer will conduct strategic improvements to capitalize on opportunity for continued rent growth in the Phoenix market.”
The apartment community is located at 1934 East Fairmount Avenue in in a desirable residential neighborhood in the Lower Biltmore neighborhood of Phoenix, Arizona. The property is located one mile southwest of the Camelback Employment Corridor, the valley’s most affluent economic destination featuring nearly eight million square feet of office space. More than half of this office space is Class A featuring national companies such as Charles Schwab, Cisco Systems, Zenreach, Humana, Fennemore Craig and Northern Trust. Developed in 1963, 1934 Fairmount is comprised of all one-bedroom floorplans, two of which have been renovated to prove out an interior renovation premium.