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 Sierra Vista, a four-unit apartment community located in Phoenix. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office. The asset sold for $650,000.
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. “The submarket of Uptown Phoenix has significant barriers to competitive rents given the lack of supply and scarcity of available land for new development,” Bay explained. “As such, Madison on Sierra Vista is a prime candidate for programmatic interior renovations.”
Madison on Sierra Vista is located at 721 East Sierra Vista Drive off on 7th Street in the heart Uptown Phoenix’s blooming boutique restaurant and bar scene. The exclusivity of this area due in part to the highly desirable, historic neighborhoods as well as the lack of vacant developable land have maintained some of the highest barriers to submarket entry in Greater Phoenix. Located two miles Northwest of the Biltmore/Camelback employment corridor, residents have immediate access to one of the preeminent professional cores in Arizona. This 2,600-square-foot property was built in 1967 and has four units, each averaging 650 square feet. Two of the one-bedroom units are fully renovated and the other two are classic.