Marcus & Millichap Sells 22-Unit Coronado Apartments in Scottsdale for $1.42M

Coronado Apartments

Coronado Apartments

Marcus & Millichap Real Estate Investment Services has announced the sale of Coronado Apartments, a 22-unit apartment community located in Scottsdale, Arizona. The asset commanded a sales price of $1,420,000 or $64,545 a unit.
Brian Tranetzki and Rich Butler, multifamily investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property and negotiated the transaction on behalf of both buyer and seller.
“The buyer of Coronado will maintain the property as it is taking advantage of the strengthening employment base within the submarket which includes over 153,000 employees within a five mile radius, 65.5 percent of those employees work in white-collar occupations while 34.5 percent are employed in blue-collar occupations. Major employers in the area include Arizona State University, Scottsdale Healthcare Osborn, General Dynamics C4 Systems and over sixty global and national companies located at SkySong,” says Tranetzki. “Coronado Apartment is in close proximity to ASU, the nation’s largest public university campus. For the 2011–2012 school year, over 56,000 undergraduate and graduate students are in attendance at the main campus in Tempe, making ASU a major conduit to the local rental market,” adds Tranetzki.
The subject property is conveniently located within minutes from some of the preeminent attractions in the metro area including the downtown Scottsdale arts district, Scottsdale Fashion Square Mall, the ASU campus, Tempe Town Lake/Mill Ave. and Tempe Marketplace.
“Downtown Scottsdale and Tempe Town Lake/Mill Avenue, two prominent entertainment destinations, are within minutes of Coronado Apartments. Downtown Scottsdale showcases over 100 art galleries, 85 restaurants and world-class night clubs while Tempe Town Lake and Mill Avenue are surrounded by more than 10 million square feet of existing and planned Class A office, luxury high rise residential and hotel, shopping and entertainment facilities,” adds Butler.

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