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 The Vibe on Thomas, a 100-unit apartment property located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $14,200,000.
“Equidistant to the Camelback/Biltmore and Central Avenue employment corridor with nearby access to the Loop 202 and State Route 51, Vibe on Thomas is centrally located amidst a variety of economic hot-zones of Central Phoenix,” said Paul Bay, investment specialists in Marcus & Millichap’s Phoenix office. “With recent major upgrades to the asset’s mechanical, electrical and plumbing systems, new ownership will have the opportunity to focus on completing programmatic interior renovations and light community upgrades.” Bay and Darrell Moffitt, also an investment specialist in the firm’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a limited liability company, was also procured by Bay and Moffitt.
The Vibe on Thomas is located at 2735 East Thomas Road in Phoenix, Arizona. The property has 60,395 rentable square feet and consists of 62 one-bedroom/one-bathroom units, one two-bedroom/one-bathroom unit and 37 studios. It was built in 1969 on 2.26 acres just two miles south of Camelback Employment Corridor and has received approximately $1.8 million in capital improvements. These improvements include the replacement of electrical, removal of chiller systems, addition of both roof-mounted HVACs and in-suite laundry hook-up for all units, interior renovations on 30 units and select community upgrades.