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 Ocotillo Oasis, a 42-unit apartment property located in Glendale, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $4,925,000.
“Located less than one mile west of downtown Glendale and the Grand Avenue Expressway, Ocotillo Oasis is positioned with nearby access to retail and major transit into downtown Phoenix,” said Paul Bay, vice president investments in Marcus & Millichap’s Phoenix office. “Future ownership will have the opportunity to execute a programmatic interior renovation program including the incorporation of in-suite laundry across all units,” he added. Bay had the exclusive listing to market the property on behalf of the seller and procured the buyer, both individual/personal trusts.
Ocotillo Oasis is located at 6220 West Ocotillo Road in Glendale, Arizona. The first 32 units were built in 1984, and the final ten units were added in the second phase of building in 2016 for a total of 42 units. The unit mix consists of 24 one-bedroom/one-bathrooms and 18 two-bedroom/one-bathrooms. Amenities at Ocotillo Oasis include a swimming pool, community laundry, playground, dog run, cantilevered carports and LED emergency lighting.