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 Park Paloma, a 60-unit multihousing community located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $8,400,000.
Paul Bay, an investment specialist in Marcus & Millichap’s Phoenix office, combined with IPA Senior Managing Directors Cliff David and Steve Gebing, had the exclusive listing to market the property on behalf of the seller, a private investor. “Park Paloma is located in an amenity rich neighborhood with access to major employment positioned just south of the highly desired area known as Lower Arcadia,” Bay explained. “Given its niche location and spacious floorplans, Park Paloma is a prime candidate for programmatic interior renovations – a strategy proven out by many other comparable properties in the submarket.”
Park Paloma is located at 2930 North 46th Street in Phoenix, Arizona. Built of wood-frame and stucco construction in 1973 with one- and two-bedroom floor plan designs, the property has been upgraded through light interior renovations as well as select common area improvements. Many of the unit interiors have been upgraded to include painted or replaced cabinets, resurfaced countertops, new appliances and flooring, as well as lighting and bathroom fixture upgrades. All one-bedroom units include spacious closets and French doors opening up to a large bedroom. All units include private patios/balconies. Revitalized amenities throughout the common space include a leasing office, gym and a refinished swimming pool, one laundry facility with leased laundry equipment, and pedestrian gates for added security.
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.