Multifamily

Marcus & Millichap Arranges the Sale of a 13-Unit Apartment Building in Phoenix

Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Madison on Maryland, a 13-unit apartment property located in Phoenix, Arizona.

According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $3,185,000.

“Located in the heart of North Central Phoenix, a highly sought-after residential area with historic neighborhoods and extreme barriers to future development, Madison at Maryland is truly a unique gem,” said Paul Bay, first vice president investments in Marcus & Millichap’s Phoenix office. “Future ownership will have the opportunity to renovate the remaining three legacy interiors to realize a sizable premium already proved out at the property.”

Bay and Christian Trujillo, an investment specialist in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, another private investor, was procured by Bay.

Built in 1959, Madison on Maryland is a 10,400-square-foot property that rests on 0.54 acres of land. In 2020, 10 of the 13 units were renovated. Many of the units have private patios while all renovated units include in-suite laundry. Three units were vacant at the time of sale. Madison on Maryland is located at 6502 North 12th Street in Phoenix, Arizona.