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 Torrey Pines Villas , a 70-unit apartment property located in Glendale, AZ, according to Ryan Sarbinoff, regional manager of the firm’s Phoenix office. The asset sold for $8,300,000.
“Given the property’s Central Glendale location off 67th Avenue in proximity to the Grand Avenue Expressway, residents of Torrey Pines Villas are conveniently positioned between the I-10 Industrial Employment Corridor and Downtown Phoenix,” said Paul Bay, vice president investments in Marcus & Millichap’s Phoenix office. “Future ownership will have the opportunity to benefit from programmatic interior renovations and associated premiums which have been proven out at comparable properties nearby.”
Bay had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was also procured by Bay.
Torrey Pines Villas is located at 5712 North 67th Avenue in Glendale, Arizona. Built in 1985 on 1.14 acres, this 70-unit community has a total of 49,800 rentable square feet and is comprised of 44 one-bedroom/one-bathroom units and 26 two-bedroom/two-bathroom units.