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 Augusta Cove Apartments, a 45-unit apartment property located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset commanded a sales price of $3,775,000 or $83,889 per unit.
“Marcus & Millichap was awarded the exclusive listing because of our ability to locate decisive, high probability buyers through our broad marketing campaign,” said Richard Butler, senior vice president investments in Marcus & Millichap’s Phoenix office. “Even with the lenders’ nervousness of property collections through COVID, we were able to go into escrow and close with a buyer who previously invested in add-value deals in the Black Canyon corridor,” he added.
“Augusta Cove has huge potential due to its predominantly two-bedroom unit mix and low-density layout,” explained Sean Connolly, investment specialist also in the firm’s Phoenix office. “The buyer will invest significant capital to reposition the property and take advantage of high renter demand.”
Butler and Connolly had the exclusive listing to market the property on behalf of the seller, an out-of-state family partnership. The buyer, a limited liability company, was also procured by Butler and Connolly.
Built in 1959, Augusta Cove Apartments is located at 2420-2844 West Augusta Avenue in Phoenix, Arizona and is comprised of 2 studios, 14 one-bedroom, 27 two-bedroom, and 2 three-bedroom units.