PHOENIX, ARIZ. – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of The ViBE on Thomas, a 100-unit multihousing community located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $8,450,000.
Paul Bay, an investment specialist in Marcus & Millichap’s Phoenix office, combined with IPA Senior Managing Directors Cliff David and Steve Gebing, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was procured by Darrell Moffitt, a Senior Vice President in the firm’s Phoenix office. “The ViBE on Thomas is located in a rapidly gentrifying neighborhood approximately two miles south of the Camelback Corridor, the preeminent professional core of the region and one of the most affluent economic destinations in the state of Arizona,” Bay explained. “The buyer plans to execute a full renovation and rebranding of the community in the coming months, as well as scale their footprint in the submarket with additional acquisitions,” added Moffitt.
The ViBE on Thomas is located at 2735 East Thomas Road in Phoenix Arizona. Built of concrete block construction by Valley Enterprise Inc. with studio, one- and two-bedroom floor plan designs, the property has been upgraded through interior renovations as well as select common area improvements. Most unit interiors have been upgraded to include painted or replaced cabinets, new or resurfaced countertops, new appliances and flooring, as well as lighting and bathroom fixture upgrades. Bold accent walls were also introduced to compliment the spacious closets, and private patios/balconies are found in select apartment homes. Revitalized amenities throughout the common space include a leasing office and two swimming pools, two laundry facilities with leased laundry equipment, and pedestrian gates for added security.
About Marcus & Millichap (NYSE: MMI)
With nearly 2000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,472 transactions in 2018 with a value of approximately $46.4 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.