Multifamily

Marcus & Millichap Arranges the Sale of a 16-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 The Haven, a 16-unit apartment property located in Phoenix, Arizona.

According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $3,850,000.

Richard Butler, senior vice president investments in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a private investor who purchased the property through Marcus & Millichap in 2016. The buyer, a first time, out-of-state private investor, was also procured by Butler. The buyer utilized 1031 tax exchange funds to purchase the property and intends to make some interior and exterior property upgrades in order to capitalize on the highly efficient rental demand in Phoenix.

The Haven is located at 6501 North 3rd Avenue in Phoenix, Arizona. Built in 1977 and renovated in 2015, the community is comprised of 16 two-bedroom/one-bath units, each including front patios and balconies, modernized kitchens with microwaves and en-suite washers and dryers. Located in Uptown Phoenix, the property is just minutes from Uptown Plaza and its high-end retailers including AJ’s Fine Foods, Biltmore Fashion Park and the world-famous Arizona Biltmore, a Waldorf Astoria Resort. This A+ neighborhood is home to multimillion dollar mansions, boutique restaurants and unobstructed views of Camelback Mountain and the Phoenix Mountain Preserve.

Tyler Waller of Marcus and Millichap Capital Corporation placed the loan on the property on behalf of a local business bank. The buyer is an experienced operator who has used Marcus & Millichap’s services in southern California.

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