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 Vista Star, a 16-unit apartment property located in Chandler, Arizona.

According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $3,342,500.

“Located in the heart of Chandler, Vista Star is one of the best positioned multifamily assets within this East Valley submarket,” said Darrell Moffitt, senior vice president investments in Marcus & Millichap’s Phoenix office. “Future ownership will have the opportunity to reach elevated rental premiums after executing on a programmatic interior and exterior renovation of this value-add community.

Moffitt and Paul Bay, first vice president investments in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, another private investor, was procured by Bay, Moffitt, Peter Bauman and Tivon Moffitt, investment specialists in Marcus & Millichap’s Phoenix office.

Vista Star is located at 301-417 West Ray Road in Chandler, Arizona. Built in 1982, the apartment community consists of 16 large, 1,050-square-foot, two-bedroom/two-bath units. Vista Star apartments feature balconies, patios, covered carports and washer/dryer hook-ups.

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