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 El Escondido, a 8-unit apartment property located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $1,800,000.
“Located in a thriving uptown Phoenix sub-market, this asset was an excellent acquisition for the buyer who plans to continue renovations,” said Christian Trujillo, investment specialist in Marcus & Millichap’s Phoenix office. “In a low inventory market for rentals, we expect the new owners to obtain substantially higher rents across the community making this the perfect vehicle for capital appreciation and preservation in the long term.” The buyer, a private investor, was procured by Trujillo.
El Escondido is a boutique apartment community in Uptown Phoenix with considerable upside potential. Eight units total including four one-bedroom/one-bath units and four two-bedroom/one-bath units, half of which are renovated. New ownership has plans to complete the renovations and increase rents across the board. El Escondido is located at 825 East Marlette Avenue in Phoenix, Arizona.