Phoenix, Arizona – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Palm Lane, 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 $2,090,000.
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. “Palm Lane is located in a rapidly improving area between the Camelback Corridor and 202 Freeway,” Bay explained. “With nearby access to major employment corridors and immediate proximity to the newly redeveloped Papago Elementary School, Palm Lane represented a strong investment opportunity with future growth potential.”
Palm Lane is located at 2022 North 36th Street in Phoenix, encompassed by several of Phoenix’s prominent employment cores with expedient access to the Loop 202 providing valley-wide connectivity. Developed in 1966 and renovated in 2018, the single-story property is comprised of spacious one-bedroom/one-bathroom and two-bedroom/one-bathroom units featuring private back patios. Unit interiors have been completely renovated with a stainless-steel appliance package, granite counter tops, new cabinetry, and in-suite washers and dryers. The community has seen significant capital improvements through new windows, updated HVAC units, new parking pavement, and refreshed landscaping featuring native desert plants and artificial turf. Located adjacent to the recently redeveloped Papago Elementary School, Palm Lane provides an ideal location for young families seeking convenient access to quality education and a short commute to major employment hubs including the 44th Street and Gateway Corridor and the rapidly expanding Papago Park Center.
About Marcus & Millichap (NYSE: MMI)
With nearly 2000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,472 transactions in 2018 with a value of approximately $46.4 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.